New Home Sales Economic News

Dated: 11/01/2016

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While sales of new homes didn’t meet predictions, they did continue to post gains in September. Sales of new single-family homes for the month hit an annual rate of 593,000, the Census Bureau and the Department of Housing and Urban Development reported last week. Sales were off from expectations of a 610,000-unit pace, but September’s transactions still marked a 3.1 percent increase over August’s sales, and were a whopping 29.8 percent higher than September 2015’s sales rate. Looking at price and supply, the median sales price of new homes sold during September was $313,500 and the average sales price was $377,700. The inventory of new homes for sale at the end of the month was 235,000, which represented a 4.8-month supply at September’s sales rate.“The housing market may not be booming but it is clearly moving forward at a steady pace,” Joel Naroff, chief economist at Naroff Economic Advisors told the Reuters news service. “But the big problem is still the lack of inventory.”

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Don Fleming

Don Fleming has been practicing real estate for more than 10 years , with the primary goal to become a trusted advisor for his clients. He specializes in new construction, where he leverages his exten....

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