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New Home Sales See An Unexpected Surge
Dated: October 20 2022
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With reports of slower buyer demand, higher mortgage rates, and economic uncertainty in the news, you might expect sales of newly built single-family homes to fall. Economists polled by Reuters certainly did. When surveyed before the U.S. Census Bureau and Department of Housing and Urban Development’s New Residential Sales report, economists said they expected sales would decline to an adjusted annual rate of 500,000 units. Instead, the newly released numbers show sales surging to a yearly pace of 685,000 units. In other words, sales of new homes spiked 28.8 percent in August from the month before.
The improvement seems like encouraging news for the market when buyers are hesitant, and traffic is down. However, the gains may be short-lived since mortgage rates, after several weeks of decline, have increased in recent weeks. Also, in the report, the median sales price of new homes sold in August was $436,800. The average price was $521,800.
The MikeDowner.com website is the most comprehensive online source for Southwest Florida real estate information and services. Whether you are looking for the latest sales, trends, or homes for sale in Collier and Lee Counties in Florida, Mike Downer and Coldwell Banker Realty have it all at your fingertips. Browse information regarding short sales, foreclosures, new construction, investment property, land sales, or commercial locations throughout Southwest Florida at www.MikeDowner.com or call Mike at 239-722-6453. #homesforsale#mortgage#realestate
Michael Downer
Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....
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