Median New Home Price Hits $409,000 As Sales Surge

New home sales were more robust than expected in September, data out Tuesday showed. Sales of new, single-family homes ran at a seasonally adjusted annual rate of 800,000 last month (figure below), significantly quicker than the 756,000 rate consensus expected and above the highest estimate from 59 economists. The range was 710,000 to 787,000. The 14% increase was the largest since July of 2020. The figures came on the heels of ambiguous housing starts data and a solid read on existing home