Buying a new home is an exciting time. It can also be stressful if you are unsure about your credit or know that your credit is not as high as you’d like it to be. Your credit score is one of the
NEW HOME SALES CLIMB
NEW HOME SALES CLIMB 3.1% IN SEPTEMBER
Sales of new single-family houses in September came in at a seasonally adjusted annual rate of 593,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. The rate was 3.1% above the downwardly-revised August rate of 575,000 and 29.8% above the September 2015 estimate of 457,000.
Three of four regions reported month-to-month gains, with the Northeast rising 33.3% to a seasonally adjusted rate of 32,000. The Midwest and South picked up 8.6% and 3.4%, respectively. The West was the only region that saw sales slump over the course of last month, dropping -4.5% to 147,000. All regions made significant gains compared to a year ago, with the Northeast leaping by 60%, the largest improvement year-over-year.
The median sales price of new houses sold in September 2016 was $313,500, up from $293,800 in August and $307,600 a year earlier. The seasonally adjusted estimate of new houses for sale at the end of September was 235,000, representing a supply of 4.8 months at the current sales rate.
New homes priced from $200,000 to $299,999, and from $300,000 to $399,000 were the most popular price ranges for September, each accounting for about 29%, of total new homes sold in last month. These two price ranges also saw a huge sales bump year-over-year, as more people are buying homes priced in the middle-tier. Home sales between $500,000 and $749,000 gained some momentum in the past year as well, signaling an uptick in the luxury, higher-end home market. In contrast, sales of affordable, entry-level homes continued to decline, due in part to the tight inventory for more affordable homes seen across the board.
Carletha M. Frazier Singleton, Real Estate Broker
eXp Realty Hilton Head
Carletha Frazier Singleton began in the Real estate industry in 2004, she is a licensed real estate broker in 2 states and holds a vast amount of knowledge and experience. She has managed apartment co....
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