New home sales picked up in September and October
|Summary
New home sales picked up in September and October alongside slightly lower mortgage rates and a step-up in builder incentives. The increase in the pace of sales only led to a modest decline in inventory, however. All told, builders will likely remain cautious on significantly ramping up production given the still-elevated count of unsold homes.
Lower mortgage rates and incentives bolster new home sales
New home sales appear to be benefiting from the recent easing in mortgage rates. Although sales were essentially unchanged in October at a 737K annual pace, robust improvements in both August and September lifted the pace of transactions near its highest level since May 2023.
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