New home sales increase by 12%

In September, sales of new houses surged to the highest rate since early 2022, indicating continued demand for homes, even in the face of rising mortgage rates. Government data revealed a significant 12.3% increase in the purchase of new single-family homes, reaching an annualized pace of 759,000 last month.

According to the report from the Census Bureau and the Department of Housing and Urban Development, the median sales price of a new home decreased to $418,800. However, it's important to note that this price, despite the decline, still remains considerably higher than pre-pandemic levels.