DataDigest: What the latest data says about home prices, construction and sales


FHFA Purchase-only House Price Index, 2023 Q3Record high home prices continue to inch higher, even as homebuilders offer discounts and build a higher rate than pre-pandemic levels, according to a host of data releases over the last week.Prices were highest in the South and West, the same regions in which builders are most active.New home salesThe seasonally adjusted annual rate of new single-family home sales in October landed at 679,000, according to data published on Monday by the U.S. Census Bureau and the Department of Housing and Urban Development.The figure – up 17.7% year-over-year – was dominated by the South, which the Census Bureau defines as 16 states spanning from Texas to Maryland. The region was responsible for almost 65% of the adjusted rate of home sales, up about 10 percentage points from the same month in 2018.Homebuyers of new homes received some relief on prices, with the share of the annual rate of homes sold priced between $300,000-$399,000 growing more than five percentage points month-over-month to 34%. The median sales price for new homes likewise fell 3% to $409,300 from September.Cutting prices is one of several mechanisms homebuilders have employed to keep buyers interested since rates began skyrocketing. Homebuilders are also pacing the number of homes they bring to market.Home constructionNew home construction ramped up early in the pandemic but moderated as interest rates ticked up and mortgage rates followed. That moderation continued in October, according to data published by the Census Bureau and HUD on Monday.The seasonally adjusted annual rates of homes permitted, started, under construction and com …

See the full Home Prices article, or, read more Arizona real estate investing news. Go ahead. You know you want to.