New Home Sales Rates Gradually Rising

New Home Sales Rates Gradually Rising

New Home Sales Rates Gradually Rising

Government figures reveal an increase in new home sales rate, although the recovery might be slow from the record lows posted earlier this year.

The September data shows that number of newly-built single family units increased to 307,000 homes from the 288,000 figures registered from the previous month.

Briefing.com says that the sales are already higher than the expected annual rate of 299,000 units. But Moody's Analytics stressed that the increase should not raise false hopes that the industry has already recovered. In fact, the signs are still showing a weak market and demand is yet to pick up.

The Commerce Department said that the August figures were the third lowest since 1963, when it began tracking new home sales. But the same is only slightly lower than the May and July figures, which posted 282,000 and 295,000 sold units, respectively.

The median price for new homes actually rose from $220,500 to $223,800 from the previous month. Analysts say that this increase may be due to the limited supply of available properties rather than a surge in the demand for new homes.

In fact, the inventory remains tight and not many new homes are being built in the market. Contractors and investors are not just encouraged into putting much money into the market right now.

At least 204,000 new homes were put on sale by the end of September, which is actually the same number as that of the inventory for eight months.

The National Association of Realtors said that sales of previously owned homes had risen for the second time in a row in September.

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