According to newly released data from the U.S. Commerce Department, new construction single-family homes rose 5.7 percent in September, making it the fastest growth of new-home sales in the past five months. The largest gains were in the Southern (11.2+) and Western (9.7+) regions of the US. This newsworthy industry intel is certainly a boost to all who are in the home construction business.
"Today's report highlights the gradual improvement in housing market conditions that is becoming evident in certain pockets of the country, as consumers who can surmount very restrictive lending standards to qualify for a favorable mortgage rate seize on this opportunity to buy," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB).
Although this gain is gradual and could be considered "low" according to historic standards; it is a marked improvement and an encouraging sign of greater industry-wide economic recovery that is expected to take place over the next year.