According to a report from the Census Bureau, new single-family houses in October saw a seasonally adjusted rate of 999,000, which is above the October 2019 estimate of 706,000.
The monthly supply for new homes has also declined significantly. According to the Census report: “The seasonally adjusted estimate of new houses for sale at the end of October was 278,000. This represents a supply of 3.3 months at the current sales rate.”
Builder confidence is also at an all-time high since the three month supply trend currently stands at 3.33 months, according to the Census Report