Posted To: MND NewsWire

Sales of newly constructed homes surged unexpectedly in September, reaching the highest rate since March . However, a downward revision in the August numbers left sales still significantly below those a year earlier. The U.S. Census Bureau and Department of Housing and Urban Development said newly constructed single-family homes sold at a seasonally adjusted annual rate of 800,000 units during the month. This was a 14.0 percent gain from the 702,000-unit pace in August. That estimate was originally reported at 740,000 units. Sales in September 2020 were at a seasonally adjusted rate of 971,000 units, 17.6 percent above this September’s sales pace. Analysts polled by both Econoday, and Trading Economics had a consensus forecast of 760,000 in sales. Sales on an unadjusted basis during the month…(read more)

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Source: Mortgage News Daily