Home builders work to fill the demand created by the housing shortage.
The Commerce Department released its housing report last week, documenting heightened sales of newly built houses during the month of September.
There is a continuing shortage of pre-owned homes in the housing market, propelling prospective home buyers to consider new constructions for purchasing. Homebuilders have been working to keep up with demand, constructing houses and condos at a range of sizes to fill the $150,000 to $499,000 price range.
The 759,000 units sold during September marked a 12.3 percent increase in new home sales compared to the 676,000 purchases made in August. This is the largest increase in new home sales since February 2022. However, with mortgage interest rates nearing 8 percent, the upward trend is not expected to continue.
As the Lord Leads, Pray with Us…
- For Commerce Secretary Gina Raimondo to seek God’s direction as she heads her department.
- For U.S. trade and economic advisors to be prudent as they provide guidance to the president on policy.
- For Americans who are housing insecure as they seek affordable homes.
Sources: Reuters, U.S. News
