by Calculated Risk on 10/24/2024 10:00:00 AM
The Census Bureau reports New Home Sales in September were at a seasonally adjusted annual rate (SAAR) of 738 thousand.
The previous three months were revised down.
Sales of new single-family houses in September 2024 were at a seasonally adjusted annual rate of 738,000,
according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban
Development. This is 4.1 percent above the revised August rate of 709,000 and is 6.3 percent above the September 2023 estimate of 694,000.
emphasis added
Click on graph for larger image.
The first graph shows New Home Sales vs. recessions since 1963. The dashed line is the current sales rate.
New home sales were close to pre-pandemic levels.
The second graph shows New Home Months of Supply.
The months of supply decreased in September to 7.6 months from 7.9 months in August.
The all-time record high was 12.2 months of supply in January 2009. The all-time record low was 3.3 months in August 2020.
This is well above the top of the normal range (about 4 to 6 months of supply is normal).
“The seasonally-adjusted estimate of new houses for sale at the end of September was 470,000. This represents a
supply of 7.6 months at the current sales rate. “
Sales were above expectations of 710 thousand SAAR, however, sales for the three previous months were revised down. I’ll have more later today.
