New Home Sales are Occurring at a Historic Pace

The US housing market has not seen the current rate of new home sales since January of 2008.
Also, the seasonally adjusted rate, which was at 216,000 according to the Commerce Department, exceeded economists’ estimates by nearly 100,000. Market analysts attribute the rise to a number of factors, including steady growth in employment and continued low mortgage interest rates. A low inventory of houses for sale has the added effect of raising prices and shortening time on the market. Attorney Rob Anctil forwards this Wall Street Journal article with more information: