New Home Sales Economic News

New Home Sales Economic News

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.”

Don Fleming Headshot
Phone: 917-453-2505
Dated: November 1st 2016
Views: 36
About Don: Don Fleming has been practicing real estate for more than 10 years , with the primary goal to become...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

eXp Realty, Triangle Region of North Carolina

Greensboro, NC