New single-family home sales rose in September as prices continue to surge – The Property Chronicle
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New single-family home sales rose in September as prices continue to surge

Residential Investor

Sales of new single-family homes posted a strong gain in September, increasing 14.0% to 800,000 at a seasonally adjusted annual rate from a 702,000 pace in August. Despite the gain, sales are down 17.6% from the year-ago level and are 19.4% below the 993,000 pace in January (see top of first chart). The drop in new home sales since December has been matched by permits for future construction, though permits did not see a tick up in September (see top of first chart).

Sales of new single-family homes were up in three of the four regions of the country in September. Sales in the South, the largest by volume, rose 17.5%, while sales in the West gained 8.2%, and sales in the Northeast increased 32.3%. However, sales in the Midwest were off 1.5% for the month. From a year ago, sales were down between 11 and 34% in three of the four regions, but are up 7.9% in the Northeast.

Residential Investor

About Robert Hughes

Robert Hughes joined the American Institute for Economic Research in 2013 following more than 25 years in economic and financial markets research on Wall Street. He was formerly the Head of Global Equity Strategy for Brown Brothers Harriman, where he developed equity investment strategy combining top-down macro analysis with bottom-up fundamentals. Prior to that, he was a senior equity strategist for State Street Global Markets, senior economic strategist with Prudential Equity Group and senior economist and financial markets analyst for Citicorp Investment Services.

Articles by Robert Hughes

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