New-home sales just 'defied gravity,' hitting highest level since February 2022

New residential sales rose 12.3% as home buyers continue to turn to builders for homes

The numbers: Sales of newly built homes in the U.S. surged in September as aspiring homeowners, unable to find inventory in resale homes, turned to homebuilders.

The pace exceeded expectations on Wall Street. Economists had forecast new-home sales to total 680,000 in September.The rate of new-home sales was boosted by a sharp rise in the Northeast and Midwest. All regions reported an increase in new-home sales, with the Northeast posting the biggest gains of 22.5%.Big picture: It’s a tale of two housing markets, with new-home sales rising while sales of previously-owned homes continue to fall.

What are they saying? “New home sales defied gravity in September,” Neil Dutta, head of economics at Renaissance Macro Research, wrote in a note.

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