Key Points:
The pace of new single-family home sales fell in October; sales are down by 9.4% year-over-year.
- In the near-term, sales are supported by units in the construction pipeline
- Single-family units under construction are down 22% from peak levels in 2022, though up 22% from 2019 average levels.
New Single Family Home Trends
Home prices rose at an 8.6% annualized rate in September according to the FHFA Purchase-Only Index – the fastest pace since February.
- Home price appreciation accelerated over the third quarter as mortgage rates fell.
FHFA Purchase Index (Jan. 2023 - Present)
