Economy

New Home Sales Jumped 18.9% in September, Ten-Year High

New Home Sales Jumped 18.9% in September, Ten-Year High”

"The September sales numbers show that there is solid, growing demand for new home construction", said Granger MacDonald, chair of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas.

Sales of newly constructed single-family homes were at a seasonally adjusted annual rate of 667,000 units, an 18.9 percent month-over-month increase and 17 percent above the September 2016 pace.

Sales of new US homes jumped last month to the highest level since October 2007, a sign that Americans - unable to find existing homes - are turning to new construction.

The percent gain was the largest since January 1992.

Pantheon Macroeconomics said the figures look "spectacular" but cautioned that the margin of error is an astounding astounding +/-19%, so the reported jump in sales might not have happened at all.

Construction of single-family homes slipped almost 5 percent last month. "As existing home inventory remains tight, we can expect new homes sales to continue to make gains in the months ahead". Sales in West ticked up 3 percent. The housing market has trod water for much of this year, amid shortages of homes available for sale, skilled labor and suitable land for building. Housing is expected to have been a drag on economic growth in the third quarter. But the measure of new home sales is based on contract signings, so the number was likely lifted by those looking to replace homes destroyed or damaged by Hurricanes Harvey and Irma.

More than two-thirds of the new homes sold last month were either under construction or yet to be started.



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