New Home Sales Steamroll Over Expectations

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Posted To: MND NewsWire

It wasn’t supposed to happen after the banner month for new home sales in September, but sales of those homes rose significantly again in October, jumping 6.2 percent to a seasonally adjusted annual rate of 685,000 units. The seasonally adjusted results for September were the highest in 10 years, and the percentage gain over August, 18.9 percent, was the largest in nearly three decades. The back-to-back increases more than compensate for a somewhat lackluster summer, and put sales 18.7 percent above the 577,000-unit rate in October 2016. The original estimate for September of 667,000 was revised down to 645,000, but remained the highest thus far in 2017. Prior to the release of the joint report from the U.S. Census Bureau and the Department of Housing and Urban Development, Econoday said, …(read more)

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