New Home Sales Rise 5.7% in September, Fastest Pace Since 2010

Homebuilders across the U.S. are happy today, and for good reason.

According to newly released stats from HUD and the U.S. Census Bureau, sales of newly built, single-family homes rose 5.7 percent to a seasonally adjusted annual rate of 389,000 units in September. This is the fastest sales pace recorded since April of 2010.

“Combined with consistent, positive reports on housing starts, permits, prices and builder confidence in recent months, today’s data provides further confirmation that a gradual but steady housing recovery is underway across much of the nation,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “Consumers who have been on the sidelines during the past few years are deciding now is the time to go forward with a new-home purchase, assuming they can qualify for a good mortgage under today’s exceedingly stringent guidelines.”  Read full article (Source: World Property Channel)