In the last month Americans paid more for newly build homes as compared to buying an old one. According to the research conducted by Census Bureau, the median price of new homes that sold in September was $326,800, up 4.5 percent from August. The number of new homes sold last month — seasonally adjusted — fell 3.5 percent, to 959,000, from over 1 million in August.
Despite the August drop, the report mentioned that September’s rate of sales for newly built homes went up by 32 percent. While the number of new homes on the market increased. By the end of September, there were 284,000 new homes listed for sale. That’s an increase from 282,000 new homes on the market at the end of August.
The report’s preliminary seasonally adjusted numbers indicated the almost 67 percent of the homes sold last month across the U.S. were either under construction or had not yet begun to be built.
The northeast region of the country faced the biggest drop when it came to sale with only 32,000 new homes sold last month, down by nearly 29 percent from the 45,000 sold in August. Talking about the western region, it was the only region who saw uplift in the number of new homes sold in September, with almost 4 percent increase to 271,000 new homes sold last month, from 261,000 in August.
About 60 percent of the homes listed for sale at the end of September were under construction.
The decline in new home sales in September compared with the volume of existing homes sold. Last month, 6.5 million existing homes sold, a jump of more than 9 percent compared to August’s record-setting sales month.
In spite of the September decline in new home sales, the industry appears to expect strong demand to continue from buyers, in large part due to nation’s low housing supply. This has boosted developers. September housing starts surged to 1.4 million, seasonally adjusted, as homebuilder confidence hit its highest levels in 35 years early this month.

Leave a Reply

Your email address will not be published. Required fields are marked *