– New U.S. single-family home sales unexpectedly rose in September, pointing to sustained demand for housing even as data for August was revised sharply down.
The Commerce Department said on Wednesday new home sales increased 3.1 percent to a seasonally adjusted annual rate of 593,000 units last month, pulling them close to a nine-year high touched in July.
August’s sales pace was revised down to 575,000 units from the previously reported 609,000 units.
Economists polled by Reuters had forecast single-family home sales, which account for about 9.8 percent of overall home sales, falling to a rate of 600,000 units last month.
New home sales, which are derived from building permits, are volatile on a month-to-month basis and subject to large revisions.
Sales increased 29.8 percent from a year ago. They rose in the third quarter compared to the April-June period, indicating strong demand for housing.
Residential construction, however, likely remained a drag on gross domestic product in the third quarter.
Despite rising demand for housing, home building has been lagging, with builders complaining about land and labor shortages. Demand is being driven by rising wages as the labor market nears full employment, as well as by very low mortgage rates.
New single-family homes sales surged 33.3 percent in the Northeast and soared 8.6 percent in the Midwest last month.
Sales in the South, which accounts for more than half of new home sales, climbed 3.4 percent.
Sales fell 4.5 percent in the West, which has seen a sharp increase in home prices amid tight inventories.
read more…
http://www.reuters.com/article/us-usa-economy-newhomesales-idUSKCN12Q1VJ?il=0
This post was last modified on %s = human-readable time difference 2:50 pm
Just back out of hospital in early March for home recovery. Therapist coming today.
Sales fell 5.9% from September and 28.4% from one year ago.
Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units in…
OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease…
The prices of building materials decreased 0.2% in October
Mortgage rates went from 7.37% yesterday to 6.67% as of this writing.
This website uses cookies.