Market Update: New Home Sales Surge to 10-year High

The New Home Sales Report showed that home sales rose 18.9% in September, to a seasonally-adjusted rate of 667,000 units – 17% above last September’s level. Quicken Loans Executive Vice President Bill Banfield offers the following comments on the report:

“Newly built homes were purchased at a furious pace last month, potentially driven by accelerated activity in the south following hurricanes Harvey and Irma. This unexpected surge can help with home inventory which, just a month prior, was at a 20-year low. As owners in existing homes move on to newly built ones, it frees up availability of smaller starter homes for those looking to become homeowners for the first time.”

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