New-home sales resume downward trajectory in September 2022 MABA Massachusetts FirstTimeHomeBuyers RealEstate

U.S. new single-family home sales returned to negative territory in September after a surprise gain in August, sliding ten point nine percent month over month to six hundred and three thousand, while the median price of a new home sold during the month rose, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. Year over year, the pace of newly built home sales in September was down seventeen point six percent. The median sales price of a new house sold last month was four hundred seventy thousand six hundred dollars, compared to four hundred thirty five thousand eight hundred dollars in August and four hundred thirteen thousand two hundred dollars a year ago. The inventory of new homes for sale in September rose to nine point five months from eight point six months in August and six point five months in September 2021.

 “It remains to be seen the extent to which product and pricing will adjust, but if rates continue to rise, it is likely that we will see the for-sale market continue to slow towards years end  and prices of homes will continue to adjust downward,” RCLCO Real Estate Consulting principal Kelly Mangold said. “This is all happening at a time when there remains a strong demographic demand for new for-sale homes due to millennials having children, pandemic increases in pet ownership and the widespread adoption of hybrid/remote working.” By region, the number of new-construction homes sold was mixed, with gains of fifty six percent and four point three percent in the Northeast and Midwest, respectively, and declines of twenty point twp percent and zero point seven percent in the South and West, respectively. 

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