September Sees Surge in US New-Home Sales, Outpacing Expectations

Sales of newly built homes in the U.S. surged 12.3% in September, reaching the highest level since February 2022, as prospective homeowners turned to homebuilders due to a lack of inventory in resale homes. The median sales price of new homes decreased, and the supply of new homes for sale also fell. While new-home sales are thriving, sales of previously-owned homes continue to decline. The housing market is divided, with builders benefiting from the inventory shortage, but concerns remain about the impact of rising interest rates on buyer interest.