New-home sales gain pace in October
Sales of new build houses increased across all four major regions of the United States.
Sales of new build single-family houses rose month-over-month in October, hitting an annual seasonally adjusted rate of 685,000 units, while the average sales price of houses sold increased slightly.
The U.S. Department of Housing and Urban Development and the U.S. Census Bureau released residential sales statistics for October 2017, revealing single-family houses rose 6.2% above the revised September rate.
The build rate of 685,000 annual units was also 18.7% higher than the October 2016 estimate of 577,000.
New-home sales increased across all four major regions of the United States. Sales figures rose 30.2% in the Northeast, 17.9% in the Midwest, 6.4% in the West and 1.3% in the South.
“There is solid growth in the number of sales contracts signed before construction has begun, a strong indicator that new single-family home production should continue to grow as we look ahead to 2018,” National Association of Home Builders chief economist Robert Dietz said.
The median sales price of new houses sold in October was $312,800. The average sales price was $400,200.
The seasonally-adjusted estimate of new houses for sale at the end of October was 312,800, representing almost five months supply at the current rate. Last month housing supply hit its lowest levels since March 2017.
In September, new-home sales shot back after a few soft months, posting the highest sales rate in a decade.
The Federal Home Loan Mortgage Corporation, known as Freddie Mac, says fall is one of the best times of the year for potential homebuyers to snag a deal on their dream house, offering three simple but accurate reasons.
Plus, favorable home prices and interest rates are giving homebuyers more affordable opportunities today.
As the nation’s largest living generation, millennials are seeking to invest in real estate, however, the challenge of saving for a down payment is a concern that affects a staggering proportion of young homebuyers.
The buying process doesn’t end once you’ve found your dream home. Securing the right loan is a crucial step.
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