Sales of new single-family homes rebounded month over month in September, surging past Wall Street expectations. 

Specifically, September’s seasonally adjusted annual rate of 738,000 sales represented a 4.1% gain from August’s downwardly revised rate of 709,000 transactions, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Year over year, sales were up 6.3% from 694,000.   

September’s figure topped the consensus estimate of 710,000.   

The median price of a new home sold during September jumped to $426,300 from $410,900 in August. Year over year, the median price was a touch higher than the $426,100 price of September 2023.        

Months’ supply of new homes for sale slid to 7.6 months from 7.9 months in August and was up from 7.5 months a year ago.