Sales of new single-family homes—which had been trending up since 2015—dipped 1.9 percent in October, according to the National Association of Home Builders.
The NAHB’s report was based on data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
“Though slightly down from last month, new home sales have been on an upward trend since last year,” said Ed Brady, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Bloomington, Illinois.
Sales were down in every region except the West, where they increased by 8.8 percent. The Northeast (9.1 percent), the Midwest (13.7 percent) and the South (3 percent) all saw declines.
The median sales price for a new home was $304,500.
“Builders are adding to inventory based on consistent gains in sales, solid builder confidence and ongoing job and economic growth,” said Robert Dietz, the NAHB’s chief economist.