Home | Newsletter | Advertise
loading...

Defying Gravity: New Home Sales Hit Highest Level in 18 Months

  • October 27th 2023

by UrbanTurf Staff

mac2.jpeg
A new home in DC.

New data out this week appears to show two housing markets -- one for new single-family houses and one for everything else.

New single-family home sales unexpectedly popped in September, hitting 759,000 sales, according to the U.S. Census Bureau, up 12.3% from August and up 34% from September 2022.

“New home sales defied gravity in September,” Neil Dutta, head of economics at Renaissance Macro Research, wrote in an analysis. 

"While the cost of a new construction home typically reaches above the cost of an existing home for sale, the ability of builders to offer things like rate buydowns and closing cost credits can really tip the scales of affordability in favor of buyers," Zillow's Nicole Bachaud said. "As such, with high mortgage rates and low inventory rocking the existing home market, buyers are turning to new construction for opportunities – driving up new home sales."

See other articles related to: new home sales

This article originally published at https://dc.urbanturf.com/articles/blog/defying_gravity_new_home_sales_hit_highest_level_in_18_months/21621.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse