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New Home Sales Reach 10 Year High

New Home Sales Reach 10 Year High

Last month new home sales increased to the highest they’ve been in nearly a decade, since October 2007. New home sales have been steadily climbing 12.4% month over month throughout 2016. Nationally most of these new home sales are in the Northeast region where 40% of new home sales occured. Continuing low mortgage rates, income growth and job creation have all contruibuted to the increases in both the sales of new homes and existing homes. New home sales have had strong growth all year, up 13% from last year. This growth shows the need for more new single family homes. Inventory supply is currently at 4.3 months, the lowest it’s been in 3 years. Nationally the median new home price is $264.6K

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