Join The Discussion

 

Bicycling, fitness center, rooftop bar coming to Clearfork's Trailhead

An 11,000-square-foot bicycling and fitness center is headed for the Trailhead at Clearfork on the Trinity River in west Fort Worth, Cassco Development said Wednesday.

read more >

Residential land at Chisholm Trail Ranch purchased

Stratford Land, Legacy Capital Co. and the Walton Group of Cos. have snapped up 268 acres of residential land at Chisholm Trail Ranch in Fort Worth.

read more >

Fort Worth to consider adopting 15-year Cavile Place redevelopment plan

The 300-unit Cavile Place housing project in Southeast Fort Worth would be razed and replaced in phases, with a significant number of the units redistributed into the neighborhood.

read more >

Fort Worth payment processor acquired by pension plan group

Fort Worth-based First American Payment Systems has been acquired by an investor group led by the Ontario Teachers’ Pension Plan (Teachers’), with participation of members of the First American management team.

read more >

Texas adds 19,100 nonfarm jobs in June; Fort Worth-Arlington jobless rate 5.3 percent

Seven of Texas' 11 major industry segments added jobs in June, the Texas Workforce Commission reported.

read more >

 

New home sales up 25 percent in October

For Sale/For Rent signs, residential and commercial.
Credit: Jay Schexnyder
Source: CNN
.

Aaron Smith

NEW YORK (CNNMoney) -- New-home sales are surging, according to a report from the U.S. government on Wednesday.

Sales of new single family homes jumped to a seasonally adjusted annual rate of 444,000 in October, up 25.4% from the previous month's revised rate, according to a report issued by the Commerce Department. The rate was the highest level in six months.

On a year-over-year basis, sales rose nearly 22%.

Keith Gumbinger, vice president of mortgage information site HSH Associates, said that this year's stock market gains could be the prime factor in driving the housing market.

"It may very well be that a lot of folks are feeling better about their prospects and buying a new home," he said.

Another key reason could be easier financing for buyers, as "builders are motivated to get folks into homes," Gumbinger said.

While 30-year fixed mortgage rates are about a percentage point higher than they were in the spring, they are off the recent high of 4.58% set in August, according to Freddie Mac. In the week ended Nov. 27, the rate was 4.29%.

Gumbinger also said that inventories of existing homes are thin in several markets, prompting people to build new homes rather than buy old ones.

Nationwide, the government said there is enough new home inventory to last for 4.9 months, if the market manages to maintain its October rate of sales for that time.

While the sales jump is impressive, the rate remains less than half that of the peak of the housing bubble; in 2006, the annual sales rate topped 1 million.

The median sales price of a new home was $245,800 in October and the average sales price was $321,700.

The report said the South is the hottest market for new-home sales, while the Northeast is the slowest.

< back

Email   email
hide
Training Camp
Training camp is starting this week. How will the Dallas Cowboys do this season?