{"id":5538,"date":"2023-10-26T07:17:22","date_gmt":"2023-10-26T07:17:22","guid":{"rendered":"https:\/\/infundpros.com\/finance\/u-s-new-home-sales-just-defied-gravity-surging-to-highest-level-since-february-2022\/"},"modified":"2023-10-26T07:17:23","modified_gmt":"2023-10-26T07:17:23","slug":"u-s-new-home-sales-just-defied-gravity-surging-to-highest-level-since-february-2022","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=5538","title":{"rendered":"U.S. new-home sales just \u2018defied gravity,\u2019 surging to highest level since February 2022"},"content":{"rendered":"
\n

The numbers: <\/strong>Sales of newly built homes in the U.S. surged in September as aspiring homeowners, unable to find inventory in resale homes, turned to homebuilders.<\/p>\n

U.S. new-home sales rose 12.3% to an annual rate of 759,000 in September, from a revised 676,000 in the prior month, the Commerce Department reported Wednesday.\u00a0<\/p>\n

\n

The number is seasonally adjusted and refers to how many homes would be built over an entire year if builders continued at the same pace every month.<\/p>\n

The pace exceeded expectations on Wall Street. Economists had forecast new-home sales to total 680,000 in September.<\/p>\n

New-home sales are at the highest level since February 2022.<\/p>\n

The rate of new-home sales was boosted by a sharp rise in the Northeast and Midwest.<\/p>\n

The data from August were revised slightly. New-home sales fell to a revised 676,000 in August, compared with the initial estimate of an 8.7% drop.<\/p>\n

The new-home sales data are volatile month over month and are often revised.<\/p>\n

Key details:<\/strong> The median sales price of a new home sold in September fell to $418,800 from $430,300 the month prior.\u00a0<\/p>\n

The supply of new homes for sale fell by 10.4% between August and September, equating to an 6.9-month supply.\u00a0<\/p>\n

All regions reported an increase in new-home sales, with the Northeast posting the biggest gains of 22.5%.<\/p>\n

Overall, sales of new homes are up 33.9% compared to last year.<\/p>\n

Big picture:<\/strong> It\u2019s a tale of two housing markets, with new-home sales rising while sales of previously-owned homes continue to fall.<\/p>\n

With homeowners unwilling to sell homes for fear of having to buy at 8% mortgage rates, there\u2019s a severe lack of existing homes on the market. Existing-home sales are looking to be on track to be on the slowest pace since 2008, Redfin
\n RDFN,
\n -4.20%<\/bg-quote>
\n said in a recent report.<\/p>\n

Builders are reaping some of the benefits from the lack of inventory, but it\u2019s unclear if 8% rates will dampen some of the interest in new homes. Builders may increasingly turn to sales incentives, such as mortgage rate buydowns, to keep buyers interested.<\/p>\n

What are they saying?<\/strong> \u201cNew home sales defied gravity in September,\u201d Neil Dutta, head of economics at Renaissance Macro Research, wrote in a note.<\/p>\n

\u201cIt is hard to see this lasting since it will be more difficult for the homebuilders to buy prospective buyers down to more manageable rates with 30Y mortgages nearing 8%. At any rate, it is remarkable we\u2019re seeing this sort of activity with rates where they are,\u201d he added.<\/p>\n

Market reaction: <\/strong>Stocks
\n DJIA<\/p>\n

SPX
\n were down in early trading on Wednesday. The yield on the 10-year Treasury note
\n BX:TMUBMUSD10Y
\n was above 4.9%.<\/p>\n

Shares of builders, including D.R. Horton, Inc.
\n DHI,
\n -1.08%<\/bg-quote>,<\/span>
\n Lennar Corp
\n LEN,
\n -1.77%<\/bg-quote>,<\/span>
\n PulteGroup Inc.
\n PHM,
\n -0.88%<\/bg-quote>,<\/span>
\n and Toll Brothers Inc.
\n TOL,
\n -2.31%<\/bg-quote>
\n were down in the morning trading session.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The numbers: Sales of newly built homes in the U.S. surged in September as aspiring homeowners, unable to find inventory in resale…<\/p>\n","protected":false},"author":1,"featured_media":5539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-5538","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance"},"yoast_head":"\nU.S. new-home sales just \u2018defied gravity,\u2019 surging to highest level since February 2022 | inFundPros<\/title>\n<meta name=\"description\" content=\"The numbers: Sales of newly built homes in the U.S. surged in September as aspiring homeowners, unable to find inventory in resale homes, turned to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=5538\" 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