Nationally sales of newly constructed homes is up 2.7% in September. Reported by the U.S. Census Bureau, sales of 464,000 homes (annualized) surpassed the estimates of 450,000 and up from the 17 year low reached in August.
Regions with greater price drops have seen even bigger gains in home sales. The west coast, for example, has found some areas with new home sales reaching 22%.
These increased sales are a result of builder incentives and slowed construction during a turbulent market. Buyers in the market for a new home have dramatically benefited from these programs, and sellers will start to see the benefit as inventory is decreased and time on market decreases. Traditionally resale home trends have followed those of new home sales.
Remember - The primary factor influencing home sales is jobs! Look to regional and national jobless rates to see and predict where home sales will increase or decrease in coming months.
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