New-Home Sales Up After Late Summer Lapse
New Construction is popping up everywhere, gas stations, pharmacies, retail complexes, even small business malls, and one of the strongest indicators of healthy residential new home sales is Commercial and Retail New Construction. It’s good to see movement at residential new construction sites again.
New-home sales activity is up as well, coming in at a rate of 593,000 in September, roughly 3 percent higher than the August rate of 575,000, the U.S. Census Bureau and Department of Housing and Urban Development (HUD) report. September’s rate, which represents 4.8-months supply, is approximately 30 percent higher than the September 2015 estimate of 457,000.
The uptick in new-home sales activity comes amid a strong showing of existing-home sales—as reported by the National Association of REALTORS®, existing-home sales rose 3.2 percent to 5.47 million in September, marking their highest pace since June. Single-family starts, as well, surged 8.1 percent ahead of estimates. New-home sales in August slipped 7.6 percent.
According to the Census and HUD, the average sales price of a new home sold in September was $377,700, while the median sales price was $313,500.
For more information, please visit www.hud.gov. Reprinted with permission from RISMedia. ©2016. All rights reserved.
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