New home sales jump to 10 year high | Mt Kisco Real Estate

Sales of new single-family houses in the United States unexpectedly rose 6.2 percent to a seasonally adjusted annual rate of 685 thousand in October 2017 from a downwardly revised 645 thousand in September, while markets were expecting a 6.3 percent drop. It was the highest level since October 2007. Sales rose in all four regions with those in the Northeast surging 30.2 percent to their highest level since October 2007, and those in the South increasing 1.3 percent also to a ten-year high. There were also strong gains in sales in the West and Midwest last month. New Home Sales in the United States averaged 650.83 Thousand from 1963 until 2017, reaching an all time high of 1389 Thousand in July of 2005 and a record low of 270 Thousand in February of 2011.

US New Home Sales at Near 10-Year High

Sales of new single-family houses in the United States jumped 18.9 percent to a seasonally adjusted annual rate of 667 thousand in September of 2017, beating market expectations of a 0.9 percent decline. It is the highest value since October of 2007 and the largest percentage gain since January of 1992. Sales rose in all four regions with those in the South surging 25.8 percent after a 1 percent fall in August which was partly the result of Hurricanes Harvey and Irma.

Sales rose in the South (25.8 percent to 405 thousand), the West (2.9 percent to 141 thousand), the Midwest (10.6 percent to 73 thousand) and the the Northeast (33.3 percent to 48 thousand).

The median sales price of new houses sold was $319,700, above $314,800 a year earlier. The average sales price was $385,200, also higher than $366,100 in September of 2016.

The stock of new houses for sale was flat at 279 thousand. This represents a supply of 5 months at the current sales rate.

Year-on-year, new home sales increased 17 percent.