September 2023 New Home Sales - What Happened This Month:

New home sales picked up in September, jumping 12.3% above August’s slightly upwardly revised rate to a pace of 759,000 annual new home sales. New home sales were at a pace significantly above the previous year’s level, notching a gain of 33.9%. Mortgage rates have been on an up and down roller coaster in 2023. In August, the typical 30-year fixed mortgage rate surpassed 7% and in September remained steadily above this milestone before renewing the upward climb late in the month. While higher rates hamper homebuyer demand, a renewed climb can motivate shoppers to hurry-up and sign a contract so that they can lock in a rate before it moves higher.