October new home sales came in at a seasonally adjusted annualized pace of 685,000. That’s up 6.2% from September’s( revised lower) 645,000 pace, and 18.7% above October one year ago. Economists had predicted a decline from September to 620,000.
Taken together, the average of 665,000 for September and October is up markedly from the 600,000 pace of the first eight months of the year. Home builders are up a hair following the news.
Source: Seeking Alpha, Stephen Alpher, SA News Editor, November 27, 2017.
However, the typical mortgage payment has increased 10% year over year because of the increase in mortgage rates over the past year.
Read the short article here: https://www.corelogic.com/blog/authors/andrew-lepage/2017/11/homebuyers-typical-mortgage-payment-up-10-percent-year-over-year.aspx#.Wh22vEq…