NAHB News: Sept. 2017 Home Sales, Hurricances, 55+ Housing

New Home Sales Pace in September Hits 10-Year High

Sales of new construction single family homes in September 2017 rose 18.9%. This is the highest rate in 10 years (since October 2007). These numbers indicate there is a solid and growing demand for new home construction. That being said, builders need to keep an eye out for rising construction costs to keep houses affordably priced.

New home sales increased in all four regions:

-33.3% in the Northeast

-25.8% in the South

-10.6% in the Midwest

-2.9% in the West

Read the whole story at NAHB.com.

Hurricanes Push Down Housing Production in September

With the nationwide hurricanes hitting our states, housing production fell 4.7% in September. Even though production fell, builders are maintaining confidence that production will bounce back. Nationwide single family permits are up 9.1% year to date, so this shows that this sector continues to improve, regardless of the dip due to hurricanes.

Regionally in September, combined single- and multi family housing production:

-Rose 15.7% in the West

-Fell 9.2% in the Northeast

-Fell 9.3% in the South

-Fell 20.2% in the Midwest

Read the whole story at NAHB.com.

55+ Builders and Developers Stay Confident in Third Quarter

Q3 2017 was the 14^th consecutive quarter in which single-family 55+ housing index reached above 50, the break even point in which respondents view conditions as good rather than poor. For multi-family 55+ housing index, Q3 2017 was the second consecutive time respondents viewed conditions as good rather than poor.