New Home Sales Soar in October
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With the fear of a bubble waiting in the wings, the October new home sales report was a nice surprise, with sales of single family homes incereasing by 13%. This is not completely surprising as the resale market is more susceptable to a bubble than the new home sales. Still, it makes me wonder what the experts are looking at.
The increase confounded analysts who had been predicting that new home sales would decline by 1.8 percent, reflecting continued increases in mortgage rates. It was possible that the unexpected surge reflected a final rush by buyers to get into the market before mortgage rates climb higher.
The rise in new home sales was accompanied by an increase in prices, with the median price increasing by 1.6 percent from September to $231,300 in October.
Sales were up in most regions of the country, led by a 46.9 percent surge in the West and a 43.3 percent jump in the Northeast. Sales also rose by 1.9 percent in the South but were down 9.5 percent in the Midwest. via AP
Could it be that we have some small regional bubbles that occur, and the majority of the country will do very well over the next couple of years? We shall see.
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