“Latinos are more mortgage ready. Latinos have made strides in income and are more educated in the homebuying process,” said Nidia Fromenta Peguero of Century 21 North East in Danvers, Massachusetts. “They don’t want to rent anymore.”
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The median sales price of a new home declined on both a monthly and yearly basis, however, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
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The median sales price of a new home was down on a monthly basis but up on an annual one.
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The increase in builder confidence breaks a string of 12 straight monthly declines in the NAHB/Wells Fargo Housing Market Index.
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At the same time, the median sales price of a new house slid to $471,200 from $484,700 in October and $430,300 a year earlier, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
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New-home permits fell 11.2% month over month, while housing completions jumped 10.8% in what one observer said could have “worrisome” long-term consequences for the nation’s housing supply.
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New-home sales rose 7.5% month over month, while the median price of a new house surged to $493,000 from $455,700 in September and $427,300 a year ago, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
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The number of homes under construction rose during the month, as homebuilders continued to work through a large backlog of homes.
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Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.
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New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics.
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