Overview
- New single-family home sales ran at a 737,000 seasonally adjusted annual rate in October, down 0.1% from September and up 18.7% from a year earlier.
- The median sales price fell 8% year over year to $392,300, while the average price was $498,000, down 4.6% from October 2024.
- Inventory held at 488,000 units with 7.9 months of supply, unchanged from September and still near the highest levels since 2007.
- The release was delayed because a 43-day federal shutdown created a reporting backlog at the Census Bureau.
- President Trump directed the FHFA to have Fannie Mae and Freddie Mac buy $200 billion of their bonds to lower mortgage rates, but analysts see only a limited effect and note rates remain higher than three years ago.