October was a busy month for new home purchases in the U.S. The Commerce Department reported a 6.2% increase, citing this as the highest gain since September of last year.
New home builders are pleased, as they’ve finally felt some market pressure relief around foreclosures. Sales exceeded the 404,000 projection, to 405,000. The median new home price decreased to $212,000 from last year – a $1,000 drop. Inventories are at their lowest level since December 2006, to 6.7 months.
How much of an impact do you feel the Homebuyer Tax Credit deadline played in these results?
Read more in today's Bloomberg article.