New Construction Numbers Flatten Existing Home Sales
Not much has changed for the existing housing market, as new construction sales continue to outperform existing and pending sales.
The New Home Sales report for September showed a 12.3% surge, which was more than enough to offset the losses seen in August. The result is the highest sales pace since 2021, when the housing market was still decelerating from the post-COVID surge.
Numbers for Pending Home Sales were as expected, in an environment where mortgage rates are keeping some buyers and sellers out of the market. On a regional level, the Northeast PHSI increased 0.8% from last month while the Midwest index expanded 4.1%. The South PHSU rose 0.7%, while the West PHSI fell 1.8%, dropping a painful 12.9% from September 2022.
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