by Myles Biggs
The September report - which was released at the same time of the October report, due to delays caused by the government shutdown earlier in the year - detailed a 6.6% dip in sales to an annual rate of 354,000. Just in time for the holiday season, the US Commerce Department just released some very good news for the housing market. Their October report detailed a 25.4 percent increase in sales of new, single-family homes to an adjusted annual rate of 444,000 units. This is the first time that the pace of new home sales has surpassed 400,000 since June and is the biggest jump in nearly 34 years.
The significant rise in the sale of new homes from September to October suggests that rising mortgage rates have not had a negative effect on the recovery of the housing market – which is great news!
Are you actively seeking a new home? Tell us about your experience in a comment below.