Sales of new-homes highest in a decade | finder.com

Sales of new-homes highest in a decade

Peter Terlato 22 December 2017 NEWS

The median sales price of new houses sold in October was $318,700. The average sales price was $377,100.

Sales of new build single-family houses rose month-over-month in November, peaking at an annual seasonally adjusted rate of 733,000 units, the highest level in over a decade, demonstrating rapidly growing demand.

The U.S. Department of Housing and Urban Development and the U.S. Census Bureau released residential sales statistics for November 2017, revealing single-family houses rose 17.5% above the revised October rate.

The monthly annual build rate was over one quarter (26.6%) above the November 2016 estimate of 579,000.

New-home sales increased across all four major regions of the United States. Sales figures rose by almost one third (31.1%) in the West, 14.9% in the South, 9.5% in the Northeast and the least (6.9%) in the Midwest.

“Job market growth, expected wage increases and tight existing home inventory will also help the market move forward next year,” National Association of Home Builders chief economist Robert Dietz said.

The median sales price of new houses sold in October was $318,700. The average sales price was $377,100.

The seasonally-adjusted estimate of new houses for sale at the end of October was 283,000, representing about four and a half months supply at the current rate. Housing supply is at its lowest levels since March 2017.

November’s results marks the highest sales pace on record since July 2007, prior to the financial crisis.

A recent study examining mortgages and homeownership trends among retirees across the United States found a substantial proportion must continue to make loan repayments, despite their lack of salary income.

Although the national rate of seriously delinquent mortgages has fallen to its lowest level since 2008, many Americans remain victims of mortgage stress, missing crucial payments that can lead to foreclosure.

Fortunately for some families, the ongoing tradition of halting foreclosure evictions over the holidays will continue again this year thanks to new eviction moratoriums by Fannie Mae and Freddie Mac, the government-backed associations that buy housing assets like mortgages from lenders across the country.

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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