• September new home sales were down 0.7% from August, to 701,000 units (SAAR). Sales were up more than 15% from a year ago, according to the U.S. Census Bureau and Dept. of Housing and Urban Development.
• The median price of new homes sold in September was $299,400, the first time that figure has dipped below $300,000 since February 2017.
• Inventory of new homes for sale fell 0.6% from August and 0.9% from a year ago.

Despite the small step back from August’s strong numbers, the robust trend in new home sales remains firmly intact as we head into fall. Sales crossed the 700,000 threshold for the third time in the past four months, the first such stretch since summer 2007. And crucially, the typical sale price of a newly built home dipped below $300,000 for the first time in more than two years, a sign builders are finding ways to meet demand from the all-important entry-level segment of the market. Mortgage rates ticked up from long-term lows in September amid growing economic uncertainty, but demand for new homes remains healthy and 2019 sales are on pace to easily exceed 2018 numbers. Builders remain busy and upbeat that buyers will continue to pick up what they’re laying down for at least the next six months.