Sales of newly built homes rose in October for the second consecutive month, driven by demand for entry level homes. Purchases of newly built single-family homes, a small portion of all U.S. home sales, increased 6.2% to a seasonally adjusted annual rate of 685,000 in October from the previous month, the Commerce Department said Monday. The...
First - time buyers are driving demand for new US homes , as sales of single - family properties hit 685,000 in 2017 , an annual increase of more than 6 % . That 's seen as a sign of consumer confidence in the future of the economy . Overall sales were up 8.9 % in the first 10 months of 2017 YOY , according to the Commerce report . It also revealed sales of homes in the $ 200,000-$300,000 range had risen more than 35 % in 2017 . However , the US house - building industry is feeling the pressure , as it battles labour shortages and costs for land and materials .