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.
U.S. new-home sales rose 12.3% to an annual rate of 759,000 in September, from a revised 676,000 in the prior month, the Commerce Department reported Wednesday. The number is seasonally adjusted and refers to how many homes would be built over an entire year if builders continued at the same pace every month.
The pace exceeded expectations on Wall Street. Economists had forecast new-home sales to total 680,000 in September.The data from August were revised slightly. New-home sales fell to a revised 676,000 in August, compared with the initial estimate of an 8.7% drop.
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