New Home Sales Up 0.2% in September
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iStock/Thinkstock(WASHINGTON) — The housing market continues to bounce back.
The Commerce Department reported on Friday that sales of new homes rose 0.2 percent last month to a seasonally adjusted rate of 467,000.
David Crowe, chief economist at the National Association of Home Builders, said the numbers are actually better than they appear at first glance.
“August was really high when it was reported in August and that’s since been adjusted down, so now we have for the September number, we have the highest number since July 2008,” he told ABC News Radio.
Crowe said the market is getting healthier — albeit at a slow pace.
“We’re still at a very good number. It still indicates that we’re moving forward in new home sales, although admittedly in a relatively slow pace,” he noted.
He said several factors are keeping some potential buyers away.
“It’s a whole variety of things. Certainly, mortgage qualification is a big part of it. It’s particularly true for younger, first time home buyers who maybe have a ding on their credit, don’t have as much down payment,” Crowe explained.
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