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 a senior editor for RISMedia.

Related Posts

The 10 Best Markets for First-Time Homebuyers in 2023
Agents

The 10 Best Markets for First-Time Homebuyers in 2023

January 27, 2023
Mortgage Performance Remained Exceptionally Healthy in November
Agents

Mortgage Performance Remained Exceptionally Healthy in November

January 27, 2023
Renting Remains More Affordable, Despite Rising Prices
Agents

Renting Remains More Affordable, Despite Rising Prices

January 27, 2023
What Donations Charities Will Pick Up at Your Home
Agents

What Donations Charities Will Pick Up at Your Home

January 27, 2023
Anywhere Appoints Egbert L.J. Perry to Its Board of Directors
Agents

Anywhere Appoints Egbert L.J. Perry to Its Board of Directors

January 27, 2023
Maryland Brokerage Hubble Bisbee Joins the Christie’s Network
Agents

Maryland Brokerage Hubble Bisbee Joins the Christie’s Network

January 27, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Quiz: Discover the Best Coaching Program for You

No matter what stage of your real estate career you are in, working with a coach can increase your earnings... Take the Quiz.

Business Tip of the Day provided by

Recent Posts

  • The 10 Best Markets for First-Time Homebuyers in 2023
  • Mortgage Performance Remained Exceptionally Healthy in November
  • Renting Remains More Affordable, Despite Rising Prices

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

© 2023 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
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

First Month Of Premier For Only $5!

Join Premier
logo-rismedia-white
x
X