September New Home Sales Take Off!

By October 26, 2012Ashley, Residential

Real Estate Economy Watch – Insight and Intelligence on Residential Real Estate

Written by: Steve Cook   Thu, October 25, 2012

New homes, the hottest sector of the real estate market, got even hotter in September as sales hit the fastest pace in two and a half years.

Sales of newly built, single-family homes rose 5.7 percent to a seasonally adjusted annual rate of 389,000 units in September, according to newly released figures from HUD and the U.S. Census Bureau. This is the fastest sales pace recorded since April of 2010.

“Combined with consistent, positive reports on housing starts, permits, prices and builder confidence in recent months, today’s data provides further confirmation that a gradual but steady housing recovery is underway across much of the nation,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “Consumers who have been on the sidelines during the past few years are deciding now is the time to go forward with a new-home purchase, assuming they can qualify for a good mortgage under today’s exceedingly stringent guidelines.”

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The South’s 16.8 percent increase is very encouraging news. Please call me for all your Real Estate needs.