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Sales of new homes fell in September, according to the U.S. Census Bureau. NAM Chief Economist Chad Moutray broke it down for us.

Topline numbers: “New single-family home sales fell 10.9% from 677,000 units at the annual rate in August to 603,000 units in September,” said Moutray.

The trends: “Sales weakened in the Midwest and South but strengthened somewhat in the Northeast and West,” said Moutray. “New home sales had jumped 24.7% in August on some relief in the upward trend in mortgage rates, but rates have continued to soar once again in September and October.”

• “Over the past 12 months, single-family home sales have plummeted 17.6% year-over-year, or a whopping 28.1% year to date.”

Rising prices, falling sales: “Homebuyers continue to cite affordability as a concern, which has impacted the housing market negatively,” said Moutray. “The median sales price for new homes was $470,600 in September, up 13.9% year-over-year and not far from July’s record high ($479,800).”

Inventory grows: “There were 9.2 months of supply for new single-family homes in September, up from 8.1 months in August,” said Moutray. “Overall, inventories have trended higher, averaging 8.0 months through the first three quarters of 2022 an d up from 5.3 months in the same period in 2021.”