New Home Sales records
Hi,
Well, just a couple of days ago we told you how sales of existing homes were down in October compared to last year. Here is some interesting news in the opposite vane. Sales of new single-family homes jumped a surprising 13.0 percent to a record seasonally-adjusted annual rate of 1.424 million units in October, the U.S. Commerce Department reported today. The October sales pace was 9.0 percent above a year ago.
“Home builders continue to see healthy demand for new homes and expect sales activity to continue at slightly more moderate levels in the months ahead,” said David Wilson, president of the National Association of Home Builders (NAHB). “Our monthly Housing Market Index surveys of builders show that a majority have maintained a positive view of future sales but that builder sentiment has moved down from mid-year highs.”
One possible reason is the recent increase in interest rates has gotten some people off the fence. Whatever the reason, despite the overall slowdown the real estate market remains strong; it just doesn't seem so because we have been spoiled by a record year. If you want to do your part to keep these numbers strong, call us to let us assist you with the sale or purchase of a property.
Adam Tarr and Sharon Kotula
Your Phoenix Area Real Estate Source