Housing Data

New home sales sprang back to life in September, according to newly released data from the U.S. Census Bureau and the Department of Housing and Urban Development. Sales rose by 12.3% from August to a seasonally adjusted annual rate of 759,000. This is well above the rate of 680,000 units predicted by economists. The median price for a new home was $418,800, while the average sales price was $503,900, both down. But the increase may not hold over as the end of the year approaches, bringing with it historically lower-volume months. “While the overall number of potential homebuyers is down, ‘patience’ seems to be the mantra for those still in the market, and lenders would do well to follow suit,…