New Homes Sales Were Better Than Expected in October
Posted by Jeff Sallan on
by The Cushing Team of Guild Mortgage Company | 6990 S. McCarran Blvd, Suite 200, Reno, NV 89509
New Home Sales, which measure signed contracts on new homes, rose 7.5% in October to a 632,000-unit annualized pace, coming in much better than the 5.5% decline that was expected. There was a negative revision to September’s sales that made October’s gain appear a bit bigger, but even when factoring this in sales were up 5.5%. The median home price for new homes was $493,000, which was an increase from September, but remember this is not the same as appreciation. It simply means half the homes sold were above that price and half were below it, and this figure can be skewed by the mix of sales. Last month, there was a big uptick in sales of homes in…225 Views, 0 Comments