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October 24, 2014
New-home sales up 0.2% in September
New-home sales went up 0.2 percent in September, but a large downward revision in August's numbers means the housing recovery is more moderate than previously reported, according to a NAFCU Macro Data Flash.
NAFCU Staff Economist Doug Christman analyzed data from the Census Bureau, and found that falling mortgage rates have helped prop up home sales.
"Falling rates have helped keep housing affordable for buyers, but stagnant wage growth and tighter credit requirements continue to limit a stronger sales pace," Christman wrote. "Growth in construction starts is well above last year's pace, but the mix is tilting more heavily toward multifamily structures. Overall, low interest rates and an improving economy should continue to help the housing market strengthen through the beginning of next year."
The Midwest saw the most growth with a 12.3 percent increase since August, while the sales in the West decreased 8.9 percent. All four regions experienced sales increases over the past year, and new-home sales increased 17 percent overall since the previous September.
The median new-home price, non-seasonally adjusted, went down from $286,800 in August to $259,000 in September. It was $269,800 a year before.
NAFCU Staff Economist Doug Christman analyzed data from the Census Bureau, and found that falling mortgage rates have helped prop up home sales.
"Falling rates have helped keep housing affordable for buyers, but stagnant wage growth and tighter credit requirements continue to limit a stronger sales pace," Christman wrote. "Growth in construction starts is well above last year's pace, but the mix is tilting more heavily toward multifamily structures. Overall, low interest rates and an improving economy should continue to help the housing market strengthen through the beginning of next year."
The Midwest saw the most growth with a 12.3 percent increase since August, while the sales in the West decreased 8.9 percent. All four regions experienced sales increases over the past year, and new-home sales increased 17 percent overall since the previous September.
The median new-home price, non-seasonally adjusted, went down from $286,800 in August to $259,000 in September. It was $269,800 a year before.
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