Americans are looking past soaring interest rates and buying new homes at a stunning pace.
New home sales rose 12.3% from the prior month to an annual rate of 759,000 in September -- far more than the 685,000 expected, according to data from the Census Bureau and Department of Housing and Urban Development.
Compared to this time last year, new home sales are up nearly 34%.
Data shows the average price of a new house sold in September 2023 was $503,900.
That's nearly $73,000 more than the median home price in the U.S., which was $431,000 as of the third quarter of 2023, according to the Federal Reserve Bank of St. Louis.
Of course, location makes a difference when it comes to cost. According to Rocket Homes, California has the highest median house price in the country at $750,080. That's more than three times as much as West Virginia, which has the nation's lowest median house price at $214,446.
Median Home Price by State
Alabama - $259,539
Alaska - $349,474
Arizona - $425,544
Arkansas - $319,951
California - $750,080
Colorado - $563,896
Connecticut - $339,838
Delaware - $349,991
Florida - $361,918
Georgia - $350,471
Hawaii - $731,780
Idaho - $494,886
Illinois - $274,731
Indiana - $250,000
Iowa - $248,260
Kansas - $339,308
Kentucky - $245,539
Louisiana - $245,226
Maine - $299,988
Maryland - $385,549
Massachusetts - $554,205
Michigan - $227,563
Minnesota - $324,993
Mississippi - $251,272
Missouri - $239,939
Montana - $453,898
Nebraska - $295,131
Nevada - $399,720
New Hampshire - $398,886
New Jersey - $425,019
New Mexico - $329,816
New York - $449,924
North Carolina - $324,993
North Dakota - $290,206
Ohio - $219,903
Oklahoma - $233,548
Oregon - $474,997
Pennsylvania - $275,004
Rhode Island - $406,540
South Carolina - $329,821
South Dakota - $338,389
Tennessee - $349,376
Texas - $350,001
Utah - $431,500
Vermont - $339,970
Virginia - $385,038
Washington - $549,990
West Virginia - $214,446
Wisconsin - $264,923
Wyoming - $274,822
District of Columbia - $649,722