The U.S. Census Bureau and the Department of Housing and Urban Development have released data on new residential sales for October 2024. The statistics indicate that sales of new single-family homes were at a seasonally adjusted annual rate of 610,000. This figure represents a decrease of 17.3 percent from the revised September rate of 738,000 and is also 9.4 percent lower than the October 2023 estimate of 673,000.

The median sales price for new houses in October was $437,300, while the average sales price stood at $545,800. At the end of October, there were an estimated 481,000 new houses available for sale on a seasonally-adjusted basis. This inventory level corresponds to a supply duration of approximately 9.5 months at the current sales pace.

The next report covering November is scheduled for release on December 24, 2024. Detailed information and tables related to this release can be accessed at www.census.gov/construction/nrs/.

These figures are derived from sample surveys and are subject to variability due to sampling and nonsampling errors such as bias and variance from response issues or undercoverage. The provided confidence intervals account only for sampling variability; thus if an interval includes zero, it indicates uncertainty about whether there was an actual increase or decrease in numbers.

The survey methodology relies primarily on building permits to select samples of houses sold. Sales figures may include transactions where agreements were made before permits were issued.

For developers interested in creating custom applications using demographic and housing statistics, the Census Bureau offers an application programming interface (API) accessible through their website: www.census.gov/developers/. Additionally, economic updates can be received via the FRED Mobile App available for Apple and Android devices.