Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  October 24, 2012 16:22:44

U.S. - new home sales in September rose the most in two years and above market expectations


New home sales in the U.S. in September, according to Commerce Department statistics, grew by 5.7% to 389,000 units in annual terms, which was the highest growth in the last two years and while it exceeds the average market expectations set at 385,000 units with an overall range of estimates from 370 to 410 000 units.
August data were revised downwards from the original 373 to 368 000 units.

Demand for new housing is driven primarily by record low mortgage rates and demographic factors reflecting the growth of the U.S. population. Number of households in the U.S. last year grew by 2% to 119.9 million, which was the highest growth in the last 10 years. The average interest on 30-year mortgages fell to 3.37%.
Greater uncertainty prevents the growth of interest in the labor market and relatively tough lending conditions.

Demand for new homes in September year on year by 27.1% higher average price went up by 11.7% to 242 400 USD.

Sales of new homes rose in 3 of the 4 major U.S. regions tracked in the head with a growth of 16.8% in the South and 16.7% in the Northeast. The only decrease flashed Midwest, where sales fell by 37.3% high, which was the biggest drop since January 1994.

The supply of new homes on the market at the current conditions remained valid for 4.5 months, the lowest level since October 2005. In August, making do supply to 4.7 months. Overall, the market was in September available 145,000 new houses.

New home sales in 2011 represented only 6.7% of the residential real estate market in the last decade from an average of 15%.
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