CLEVELAND, OH - The housing market continues to face challenges, with new home sales taking a hit in October. According to the Census Bureau, both inventory and prices have seen a decline compared to the previous year.
Nationally, the median sales price for a new home sold in October was over $409,000, while the average sale price stood at $487,000. Although these prices may vary depending on the location, they have dropped significantly from October 2022. Back then, the median sales price was $493,000, and the average sale price was $544,000.
The number of new home sales also decreased by more than 5.5% between September and October of this year, aligning with the decline in existing home sales during the same period. However, when comparing October 2023 to October 2022, there was an impressive 18% increase in new home sales year over year. This is in stark contrast to the 14.5% decrease in existing home sales during the same time frame.
The report also highlighted a decrease in the number of new homes available for sale, with a nearly 6% drop from the previous year. This aligns with the almost identical 6% decrease seen in existing homes on the market between October 2022 and October 2023.
The housing market continues to be a topic of concern for many, with fluctuations in inventory and prices impacting both buyers and sellers. As the market evolves, it is crucial for individuals to stay informed about the latest trends and reports.