RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

New-Home Sales Surge in October

Home House Canary
December 1, 2017
Reading Time: 2 mins read
New-Home Sales Surge in October

Sold Home For Sale Real Estate Sign and Beautiful New House.

New-home sales rose in October, with sales of new, single-family homes up 18.7 percent to 685,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). The average new-home sales price was $400,200, while the median was $312,800. New-home listing inventory was 312,800—4.9 months supply.

“In the strongest year-over-year growth we’ve seen since 2017’s first quarter, increasing sales in all four regions drove U.S. new home sales up strongly in October—6.2% from September and 18.7% from one year ago,” said realtor.com Chief Economist Danielle Hale. “Although there are more new homes for sale, a strong increase in demand favors suppliers, not new home buyers. The month’s supply of new homes for sale is 4.9 months, lower than both September and October 2016 (5.2 months), and substantially lower than the nearly six months of supply we saw in new homes in July and August.

“The pick-up in new home sales should improve builder confidence and lead to more home construction, offering home buyers additional options and creating opportunities for current owners to trade into new homes, potentially unleashing existing home inventory,” Hale continued. “The number of existing homes for sale according to realtor.com data are down 8 percent from a year ago in October and increasing availability of homes for sale would be welcomed by home shoppers.”

Quicken Loans Executive Vice President Bill Banfield offered the following comments on the report: “Especially given the increase in the number of properties sold in which construction hadn’t yet started, we should feel confident that residential building will accelerate in coming months. That said, the high average selling prices pose a hurdle for younger homebuyers entering the market for the first time. A stable job market and sustained low mortgage interest rates continue to increase property prices.”

Source: U.S. Department of Housing and Urban Development (HUD)

For the latest real estate news and trends, bookmark RISMedia.com.

Tags: Census BureauHome PricesHousing InventoryHUDNew Home Salesreal estate news
ShareTweetShare
Susanne Dwyer

Susanne Dwyer

Related Posts

Family Matters: Balancing Personal and Business Relationships
Agents

Family Matters: Balancing Personal and Business Relationships

May 15, 2022
Register: Lessons in Leadership With Dermot Buffini
Best Practices

Register: Lessons in Leadership With Dermot Buffini

May 14, 2022
Compass Reels in the Dough While Curbing Losses in Q1
Agents

Compass Reels in the Dough While Curbing Losses in Q1

May 13, 2022
Homeowner Equity Climbs in the First Quarter of the Year
Agents

Homeowner Equity Climbs in the First Quarter of the Year

May 13, 2022
Rent Is at an All-Time High, but Renters Still Have Opportunities to Save
Agents

Rent Is at an All-Time High, but Renters Still Have Opportunities to Save

May 13, 2022
Multifamily Rents Record Another Significant Jump
Agents

Multifamily Rents Record Another Significant Jump

May 13, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

NAR Secures Courtroom Victory During a Flurry of Recent Legal Woes

The U.S. District Court for Northern Illinois ordered to dismiss the Leeder v. The National Association of Realtors et al.... Read more.

Business Tip of the Day provided by

Recent Posts

  • Family Matters: Balancing Personal and Business Relationships
  • Register: Lessons in Leadership With Dermot Buffini
  • Compass Reels in the Dough While Curbing Losses in Q1

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kitt Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.