New home sales declined in October

Illinois residents who are looking to buy or sell a house may be interested to learn that sales of new homes in the United States declined in October. The rate of new home sales in October represented a 1.9 percent decline from the previous month, according to data from the Commerce Department that was released on Nov. 23. At an annualized pace of 563,000 new home sales, October saw the fewest new home sales in four months.

Despite the month-to-month decline, new home sales have been increasing over the past five years. Some of the factors that have led to more new home sales include income growth and more jobs. In October, a 13.7 percent decline in new home sales in the Midwest was the main contributor to the nationwide decline. There was also a 3 percent decrease in new home sales in the South. On the other hand, home sales in the West rose by 8.8 percent in October.

While purchases of new homes declined in October, previously owned homes sold at the highest rate since February 2007. The National Association of Realtors found that there was a 2 percent increase in resold homes in October despite 17 months of inventory declines. New home inventory has been increasing, and there were more new houses available for sale in October than there have been in seven years.

The value of residential real estate can vary dramatically from one area to another. An individual who is interested in purchasing a new or pre-owned home may want to speak to an attorney about the market they want to invest in. If a property has any title issues or zoning issues that could cause problems later on, an attorney may be able to help the buyer to determine whether the property is still a good investment.

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