What's Hot: Mortgage Rates Fall Towards 6% Following Fed Cut
Defying Gravity: New Home Sales Hit Highest Level in 18 Months
✉️ Want to forward this article? Click here.
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.
story continues below
loading...story continues above
“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 http://dc.urbanturf.production.logicbrush.com/articles/blog/defying_gravity_new_home_sales_hit_highest_level_in_18_months/21621.
Most Popular... This Week • Last 30 Days • Ever
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
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
Unique Spaces
Awesome and unusual real estate from across the DC Metro