New-home Sales Bounced Back In November 2018
In a market that is struggling to keep up with the demand for inventory, good news is here. New-home sales reached its strongest pace in November 2018 through an eight month period, according to a recent report.
"Single-family home sales increased 16.9% from the prior month to a 657,000 annualized pace, according to government data Thursday that had been delayed by the shutdown," reported NationalMortgageNews.
"That exceeded economist estimates and compared with October's upwardly revised 562,000 rate. The median sales price fell 11.9% from a year earlier, the most in almost a decade, to a nearly two-year low of $302,400."
Despite rising borrowing costs and plenty of reports that brought light to a serious inventory issues, economic growth and a healthy job market have helped consumers become a bit more confident when making the decision to purchase a new home.
Regionally, "sales from the prior month doubled in the Northeast, rose 31% in the Midwest and jumped 21% in the South. Transactions in the West declined 5.9%," according to NMN.
To learn more about the increase in new-home sales in the fourth quarter of 2018, click on the image above.