New-home sales surge, median price hits all-time high!
Both new-home buying and new-home prices soared in September, with sales reaching their highest level in six months and the median price of a new home hitting a record high.
New-home sales, according to the U.S. Census Bureau and the Department of Housing and Urban Development, hit a seasonally adjusted annual rate of 800,000, up 14% from August. While September’s sales figure is down 17.6% from the sizzling 971,000-unit pace of September 2020, it’s still the strongest rate of purchase since March, and new-home buying activity appears to be on the upswing with rates projected to trend upward.
“Limited existing inventory and low interest rates are keeping demand strong, and more potential buyers may be coming off the fence as they expect interest rates to rise in the future,” said Chuck Fowke, chairman of the National Association of Home Builders (NAHB).
Website content editor, Scotsman Guide
