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

  • October 27th 2023

by UrbanTurf Staff

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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.

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