RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

New Home Sales Bounce Unexpectedly, Offering Hope for 2023

Home Agents
By Jesse Williams
November 29, 2022
Reading Time: 2 mins read
New Home Sales Bounce Unexpectedly, Offering Hope for 2023

New home sales defied expectations in October, according to the latest data from the Census Bureau, jumping 7.5% from September to a seasonally adjusted rate of 632,000, as an overall lethargic housing market continues to show signs of life.

“Although homebuilder confidence has fallen to a decade low, there are still bright signs in the new home market,” said Dr. Lisa Sturtevant, Bright MLS chief economist, in a statement. “Though there has been a lot of talk about a recession in the housing market and homebuilders continue to be gloomy, things might not be as bad as builders say they are given the October sales numbers.”

Mixed signals have characterized this market since at least the summer. Existing home sales fell sharply again in October, and leading data on permits and housing starts have also been uneven.

A deeper dive on the latest new home sales data showed some of these same contradictions. Region made a tremendous difference, as sales in the Northeast exploded, rising 45.7% from September, while Midwest new home sales plummeted an equally dizzying 34.2%.

Price point also seemed to make a difference, as new homes in the $300,000 to $399,999 range fell sharply as a proportion of the whole, making up only 18% of the total—down from 27% last month. Conversely, homes priced between $500,000 and $749,999 gained significantly, making up 33% of sales, up from 27%.

Homes that had not yet started construction also increased in sales, with 184,000 of those units sold in October, up from 102,000 in September. Prices also rose overall, with the October median sales price for a new home coming in at $493,000, compared to $455,700 in September.

All of this adds up to a market that has proven impossible to predict, with many pundits predicting an all-out crash proved wrong (so far), and plenty of moving parts to track going into the new year.

Sturtevant says this blend of uncertainty and hope is driving the narrative in home sales, with a lot still depending on mortgage rates that remain historically volatile.

“Home builders have seen the writing on the wall as buyer traffic dries up at the end of the year. But instead of dropping prices, builders are offering more incentives,” she said. “They are still hoping that mortgage rates peaked in 2022 and that demand will improve in the spring.”

Tags: Census Bureauhousing correctionHousing DataHousing Markethousing recessionMLSNewsFeedMortgage Rate DropsNew Home ConstructionNew Home Sales
ShareTweetShare

Jesse Williams

Jesse Williams is content director for RISMedia Premier.

Related Posts

Compass to Share Its Private Exclusives With Rivals, on Two Conditions
Agents

Compass to Share Its Private Exclusives With Rivals, on Two Conditions

July 11, 2025
Compass
Agents

Compass Expands in Colorado with Affiliation of PorchLight Real Estate Group

July 11, 2025
NAHB Awards Program Now Accepting Applications
Industry News

NAHB Awards Program Now Accepting Applications

July 11, 2025
PAVE
Industry News

HUD, OMB Eliminate Core Policies From Biden-Era Home Appraisal Task Force

July 11, 2025
media
Agents

Rich Media Isn’t a Luxury. It’s Your New Standard.

July 11, 2025
Affordability
Industry News

Housing Affordability Melts as Market Heats Up for Summer

July 11, 2025
Please login to join discussion
Tip of the Day

5 Benefits of Professional Property Management You’re Missing Out On

Whether you’re a landlord with a single unit or a real estate investor managing a large portfolio, keeping things running smoothly means being on top of every little detail. Read more.

Business Tip of the Day provided by

Recent Posts

  • Compass to Share Its Private Exclusives With Rivals, on Two Conditions
  • Compass Expands in Colorado with Affiliation of PorchLight Real Estate Group
  • NAHB Awards Program Now Accepting Applications

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2025 Newsmakers
    • 2024 Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2025 Power Broker
    • 2024 Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X