New home sales dip in October but remain strong when compared to last year

Nearly a million new homes were sold in October, the Census Bureau reported Wednesday, as sales declined, but they remain strong when compared to last year.

During October, 990,000 new homes were sold at a seasonally adjusted annual rate, which was 41.5% higher from the same month last year but 0.3% lower from September, which saw over a million new homes sold.

One reason prompting the decline is inventory, as there were 40% fewer new homes on the market in October than there were in the same month in 2019.

The lack in inventory has driven prices up,
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