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 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 Department. The housing market is expected to continue its strong recovery this year, with home prices rising at their fastest pace since 2014. However, the US house-building industry is feeling the pressure, as it battles labour shortages and costs for land and materials.
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 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 Department. It also revealed sales of homes in the $200,000-$300,000 range had risen more than 35% in October. However, the US house-building industry is feeling the pressure, as it battles labour shortages and costs for land and materials.