Shorewest Reports: National New Home Sales Grow Over 25% In October

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New numbers issued by the Commerce Department of the Federal Government indicate new home sales grew in October, up 25.4% from September. The rate of growth was the highest level in six months. Year-over-year numbers show an increase of nearly 22%.

Why the current surge in new home sales? Home financing is still at historically low rates, hovering around 4.5%. Nationwide, inventory levels are still lower than average, and this may promote buyers to look for land and build new homes, rather than wait for an existing home.

President of Shorewest, REALTORS® Joe Horning said, “It’s great to see robust new home sales growth. It indicates the health of the housing market, as well as the continued recovery of the economy overall.”

If you’re looking to build your own dream home, you can use Shorewest’s Advanced Property Search Tool to find land in your area, or contact a Shorewest real estate agent to help get your search started today.

Tags: buying a home, commerce department, Home Buying, New Home, new home sales

Categories: Home Buying