New home purchases reach highest level since 2007

It's the biggest monthly gain since January 1992

TRD New York /
Oct.October 25, 2017 12:05 PM

The wake of destruction left by hurricanes Harvey and Irma are having a perhaps unexpected impact on national housing figures. Government data show that the number of contracts signed for new homes surged last month to the highest level in a decade.

The increase in the number of properties in which construction hadn’t yet started is said to account for the biggest monthly gain in home sales since January 1992. The figures show 236,000 newly planned properties, the most since January 2007. The spike signals that residential building will strengthen in coming months, according to Bloomberg.

The boom was concentrate mostly in the South, which may be a reflection of growing demand following the storms. But throughout the nation sales were firm.

New-home sales account for about 10 percent of the market. [Bloomberg]Christopher Cameron


Related Articles

arrow_forward_ios
The penthouse at 15 Union Square West and 121 East 22nd Street (Credit: StreetEasy)

Luxury market checks off another disappointing week of sales

Clockwise from top left: 522 West 29th Street, 40 East 75th Street (center), 820 Fifth Avenue, 54 Thompson Street and 220 Central Park South 

These were the five priciest residential listings in NYC last week

Faith Hope Consolo (Credit: Getty Images)

Faith Hope Consolo’s secret family probes her will

William Zeckendorf and his brokerages are making moves. (Credit: iStock, Getty Images)

William Zeckendorf wants to build an army of NYC homeowners

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

Keeping lawns freshly cut and outdoor spaces in tip-top shape could result in greater rewards for sellers. (Credit: iStock, IMDB)

Curb your enthusiasm: Homes with spruced-up outsides sell at premium

Elsa Segura (left) was arrested in connection to realtor Monique Baugh's (right) murder (Credit: iStock)

Second suspect charged in real estate agent’s abduction, murder

Clockwise from top left: John Gomes, Ronita Kalra, Eric Beniam and McKenzie Ryan (Credit: Getty Images, iStock, Wikipedia)

“We’re putting ourselves in situations where anything is possible”: Real estate agent’s killing rattles industry

arrow_forward_ios
Loading...