Sales of newly built, single-family homes increased 4.1% from August to September, according to data from the U.S. Census Bureau.
September saw a seasonally adjusted annual rate of 738,000 new home sales, up from August’s rate of 716,000 new home sales.
The pace of new home sales in September is up 6.3% compared with a year earlier.
“Despite challenging affordability conditions, home builder confidence edged higher in October as they anticipate that mortgage rates will gradually, in an uneven manner, moderate in the coming months,” National Association of Home Builders Chairman Carl Harris said in a statement. “There is a significant need for additional housing supply, as many prospective home buyers are entering the market.”
Read the full report here.
