January 2018   Volume 44, Number 1      


US New Home Sales Soar to Highest Level in 10 Years

Sales of new U.S. homes increased in September to the highest level since October 2007. It is an indication that Americans, unable to find good choices in the stock of existing homes, are turning to new construction.

The Commerce Department says new home sales leapt 18.9 percent in September to a seasonally adjusted annual rate of 667,000, the most in a decade. Sales rose in all regions of the U.S., including the South, which experienced the highest gains with an increase of nearly 26 percent.

The government says it was unable to estimate what impact, if any, Hurricanes Harvey, Irma, and Maria had on the data that was reported. These storms devastated parts of Texas and Florida, and much of Puerto Rico and the U.S. Virgin Islands during the months of August and September.

A supply crunch of existing homes has left many would-be buyers frustrated and unable to purchase homes. This factor hobbled the housing market throughout 2017. However, September’s figures suggest Americans are increasingly looking to purchase new homes instead, which could result in more construction. Despite this, developers have struggled to keep up with demand, given rising costs facing builders.

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In this issue:

Renting Is Overtaking the Housing Market

Weekly Mortgage Applications Rise As Rates Pull Back

US New Home Sales Soar to Highest Level in 10 Years

Senate Version of Tax Bill Saves Mortgage Interest Deduction but Realtors Still Unhappy

Homebuilder Confidence Rises to 8-Month High

Foreclosure Crisis Lurks in Hurricane Damaged Areas

Fannie Mae Launches Program to Help Boost Homebuilding

Facebook Announces New Features for Home Sales

8 Markets Where Housing Inventory Is Actually Increasing

Three Facebook Updates That Affect the Way You Advertise Your Real Estate Business


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