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 purchases of single-family properties hit 685,000 in October, an annual increase of more than 35%. 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 Department. It also revealed sales of homes in the $200,000-$300,000 range had risen more than 6% in October. However, the US house-building industry is feeling the pressure, as it battles labour shortages and costs for land and materials.