— BILD’s official source of new home market intelligence. The data revealed that although new home sales were down 53% year over year and 49% below the 10-year average, the number of units sold was “much improved from the past two months,” according to Edward Jegg, Research Manager at Altus Group.READ:Condominium apartments — including units in low, medium, and high-rise buildings, stacked townhouses, and loft units — accounted for the lion’s share of the sales, with 1,601 units sold.
Still, Jegg maintains that October’s numbers spell good things for the housing market, particularly when compared to the month prior when just 45 single-family homes and 289 condos were sold. This indicates the gradual return of homebuying demand as buyers become “acclimatized to the new market realities of higher mortgage rates and softening prices.”