US New Home Sales Improve in September

By Jing Fu
The NAHB Eye on Housing
October 24, 2024
Category: Finance & Economics
Region: United States

Home buyers moved off the sidelines in September following the Federal Reserve’s recent move to cut interest rates for the first time in four years. Sales of newly built, single-family homes in September increased 4.1% to a 738,000 seasonally adjusted annual rate from a downwardly revised August number, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in September is up 6.3% compared to a year earlier. Despite challenging affordability conditions, home builder confidence edged higher in October as they anticipate that mortgage rates will gradually, in an uneven manner, moderate in the coming months. There is a significant need for additional housing supply, as many prospective home buyers are entering the market.

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