New Home Sales jumped to 733,000

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Friday, Dec 22 2017

New Home Sales jumped to 733,000

The Commerce Department said on Friday new home sales jumped 17.5 percent to a seasonally adjusted annual rate of 733,000 units last month. That was the highest level since July 2007 and followed October’s downwardly revised sales pace of 624,000 units. New home sales surged 26.6 percent from a year ago.

That together with last month’s surge in single-family homebuilding and sales of previously owned homes suggests the housing market is regaining momentum after stalling this year. Housing has been constrained by shortages of homes for sale, skilled labor and suitable land for building. Activity was also temporarily restrained by Hurricanes Harvey and Irma. October’s new homes sales pace was previously reported at 685,000 units.

More in this category: « Durable Goods Orders rose by 1.3% USD - Major events in the week ahead »

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