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Posted on October 26, 2016 - 08:26 PM
by David Lee Morton
New single-family home sales increased annually and monthly in September, according to the latest release from the U.S. Census Bureau and the Department of Housing and Urban Development.
The report recorded that new single-family home sales came in at 593,000 in September. This is a 3.1% from 575,000 in August and 29.8% from 457,000 in September of last year.
The new single-family home sales report comes after August’s drop in new home sales and July’s biggest gain since the housing bust.
However, economists expected the increase.
“New home sales came in as expected,” Tian Liu, Genworth Mortgage Insurance chief economist. “We see tremendous growth potential in new home sales as housing demand continues to grow and a continued shortage of newer-vintage homes.”