New Home Sales Pace in September Hits 10-Year High
Sales of newly built, single-family homes in September rose 18.9% to a seasonally adjusted annual rate of 667,000 units from an upwardly revised August reading, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest sales rate since October 2007. Year to date, new home sales are 8.6% above their level over the same period last year.
"The September sales numbers show that there is solid, growing demand for new home construction," said Granger MacDonald, chairman of the National Association of Home Builders (NAHB). "However, builders need to continue to monitor rising construction costs to keep houses affordably priced."