According to the U.S. Census Bureau’s latest news release, privately owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1.487 million. This is 1.1 percent above the revised September rate of 1.471 million, but is 4.4 percent below the October 2022 rate of 1.555 million.
Privately owned housing starts in October were at a seasonally adjusted annual rate of 1.372 million. This is 4.2 percent below the October 2022 rate of 1.432 million. Privately owned housing completions in October were at a seasonally adjusted annual rate of 1.410 million. This is 4.6 percent (±11.6 percent)* below the revised September estimate of 1.478 million, but is 4.6 percent (±13.2 percent)* above the October 2022 rate of 1.348 million. In our local market, Sussex County has a much higher rate of new construction than Worcester County. Here is a breakdown of some of the local stats for new construction based on data from Bright MLS:
• Sussex County currently has 588 fee simple new construction homes for sale; Worcester County has 37
• Sussex County average price for new construction active listings is $585,307; Worcester County is $689,962
• Sussex County has had 1,501 new construction homes sold in the past 12 months with an average price of $651,566; Worcester County has had 119 sold with an average price of $601,556.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
