After some terrible data to end last month, the housing industry received a bit of good news in December from the U.S. Census.
According to the agency, 444,000 new homes were purchased in October – an increase of 90,000 (or 25.4 percent) from September. That represented the largest one-month jump in thirty-three years.
Awesome right?
Sort of. September’s home sales were also reported, and they showed a decline to 354,000 (the lowest mark of the year).
Also, the average price of a home is plunging. In October, the median price of a new home fell to $245,800 from $257,400 in September – or about $33,500 below the annual high of $279,300 posted in April.
Funny how more people buy stuff when the price is lower, isn’t it?
Wait … don’t tell the government that. Such common sense confounds our leaders.
6 comments
Funny how more people buy stuff when the price is lower, isn’t it?
Funny how everything we buy is now cheap, plastic, toxic Chinese crap now, isn’t it?
Don’t tell the government, they may stop the cheap, plastic, toxic crap from being in the market!
Not even the cheap chinese shit is being produced as well as it once was. I have two pair of long handled pruners, both of which were bought at Big Lots about 10 years apart from each other and both cost $10. The newer ones are so cheaply made compared to the 10 year old ones it’s not even funny.
Jay – no offense but quit shopping at Big Lots for things that you expect to last a lifetime.
Actually Colonel, I’ve had the older ones for about 15 years and they still work like a charm. I picked the other ones up to leave at a rental property of mine.
A interesting data point in the 444k new homes sold in October, 259k or 58.3% of these homes were in the South. October over September increase was 28.2%, and year over year the increase was 41.5% in the South.
At the end of October 183k were for sale which is down from 190k or -3.7% in September. http://1.usa.gov/It0zOw
There’s no such thing as a bubble anymore… really!
Lucy holds football
come on… time to buy in – flip a few houses, buy gold, get some large cap stocks… Bidu, Google, Dell, Microsoft, Qualcomm…. whoo hoo!
We’re in the money…