AssetID: 53157089
Headline: UNCAPTIONED: New US Home Sales Grew in September
Caption: New US Home Sales Grew in September. Even though mortgage rates are hovering around 8%, sales of newly-built homes surged 12.3% in September, CNN reports. Compared to a year ago, sales increased 33.9%. Existing home sales dropped 20% during the same time period. Higher mortgage rates are causing homeowners to stay put instead of selling their current homes and buying new ones at higher rates, CNN reports. "With one more Fed interest rate hike expected for the year, interest rates are not anticipated to drop any time soon." A low supply of homes is making new construction more appealing to buyers. "The constraints in the housing market have created a significant amount of pent-up demand, as more and more households are living in homes they may have outgrown and are deciding to buy despite current market conditions.", Kelly Mangold of RCLCO Real Estate Consulting, via statement. The South is considered “a region that continues to outperform due to availability of land, population and job growth, and a relatively lower cost of living,” according to Kelly Mangold of RCLCO Real Estate Consulting. Usually, there are about 5 existing homes for sale for every 1 new home, but as of late, that ratio is more like 2 to 1, the National Association of Realtors says. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: New,US,Home,Sales,Grew,September,Built,Homes,Houses,Compared,Rates,Mortgages,Mortgage,USA,United States,Offbeat,Statistics,Buyers,Real Estate,Housing Market
PersonInImage: