New home sales across the Sacramento region held strong in October, remaining well above the long-term seasonal average even as many buyers continue to wait for further declines in mortgage rates, according to data released this week by the North State Building Industry Association.
BIA-member builders reported selling 507 new homes during the month, an 18 percent increase from September and down only 5 percent compared to October 2024. It marked the fourth-highest October total in the past decade. Historically, October averages 386 new-home sales across the region dating back to 1997.
BIA President and CEO Tim Murphy said current market behavior shows buyers are watching interest rates closely, even as many builders continue offering incentives that are helping keep sales elevated. Mortgage rates have dipped below 6.5 percent in recent weeks, but he noted many prospective buyers are holding out in hopes that rates will fall further…