search

The Real Deal Logo

Trending

Fort Lauderdale crane collapse victim seeks over $50M in damagesFort Lauderdale crane collapse victim seeks over $50M in damagesTides’ original investors may be wiped out by preferred equity dealTides’ original investors may be wiped out by preferred equity dealLA court strikes down SB9 law allowing single-family lot splitsLA court strikes down SB9 law allowing single-family lot splitsHousing deal finally passes; here are the detailsHousing deal finally passes; here are the details
Residential
New York

Sales of new US homes rise to highest pace in a decade

Pace boosted by a recovering south

single-family-homes
Single family homes

New home sales in the U.S. rose 6.2 percent month-to-month in October, marking the biggest uptick seen in a decade.

The number of single-family home sales jumped to 685,000 last month, according to the U.S. Census Bureau and Department of Housing and Urban Development in Washington. The increase represents the strongest pace since 2007, which had a 645,000 seasonally adjusted annualized pace, Bloomberg reported.

Sign Up for the undefined Newsletter

The median sales price also increased year-over-year by 3.3 percent to $312,800.

Last month’s stats were partially boosted by sales in the South, which is recovering from a series of hurricanes. Sales have increased in the South over the last three months. Many of the sales occurred at properties that are not yet under construction, which could signal a growth in residential construction. Last month, homes sold but not yet started rose to 247,000, up from 184,000 in September. [Bloomberg] — Kathryn Brenzel

Tags
ConstructionHome Sales