New-home sales jump in September despite interest rates MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgnet

Sales of new single-family home sales surged twelve point three percent between August and September, climbing to an annual rate of 759,000 as buyers bit the bullet and purchased newly built houses despite stubbornly high interest rates. Sales were up thirty three point nine percent compared to a year ago, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The median price of a new home sold during the month fell to $418,800 from $433,100 in August. Year over year, the median price was down from $477,700 in September 2022. “Even though mortgage rates surpassed seven percent in September and continued their upward climb, new homes remain one of the only available options because of the significantly constrained resale inventory,” RCLCO Real Estate Consulting Kelly Mangold said.

“The constraints in the housing market have created a significant amount of pent-up demand, as more and more households are living in homes they may have outgrown and are deciding to buy despite current market conditions.” By region, the pace of new-home sales was up across the country, with monthly increases of twenty two point five percent, four point seven percent, fourteen point six percent and seven point five percent in the Northeast, Midwest, South and West, respectively. Months’ supply of new homes for sale fell ten point four percent to 6.9 months from 7.7 months in August; on a year-over-year basis, inventory was down twenty eight point nine percent from a 9.7-month supply in September 2022.

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