Having bounced in August, the seasonally adjusted pace of new single-family home sales in the U.S. dropped 10.9 percent in September to an annualized rate of 603,000 sales, which is 17.6 percent lower than at the same time last year; 37.9 percent below the pace of sales in September of 2020; 16.9 percent below the pace of sales in September of 2019; and the slowest September pace of new home sales since 2016.
At the same time, the net number of new homes on the market ticked up another percent to 462,000 homes, which represents over 23 percent more homes on the market than at the same time last year, the most new homes on the market since March of 2008, and 9.1 months of inventory, which technically represents a “strong buyer’s market” for those who like that stat.
