New Home Sales Nears 500,000 In 2016

Since the depths of the recession, new home sales have rebounded and have increased each year since 2011.

CoreLogic says that new home sales has jumped 50 percent over the last five years and reached 496,000 annualized sales in 2016. Low mortgage rates, job growth, and improving consumer optimism have all been cited as reasons for the growth.

New home sales have fared well in the South. Markets such as Houston, Dallas, Atlanta, and Phoenix had led the nation with more than 1,000 new home sales per month from October 2015 to September 2016. In Raleigh, N.C., and Austin, Texas, new home sales accounted for more than 20 percent of all sales, the highest shares in the U.S., during that same time frame.

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