September home sales fall from August, up from last year

By Madison Parry

Although new home sales dipped in September from August with a 3.5 percent drop, sales remained modestly elevated, indicating a rise of 32.1 percent from a year ago.

Homes sales in September 2020 experienced a slight lull, dropping 3.5 percent from the month prior, in August 2020.

Despite the subtle dip, homes sales remained modestly elevated, displaying a strong 32.1 percent rise in sales from one year ago, according to data from the U.S. Census Bureau.

September fell short of expectations, though again only represented a small decline overall from previous months.

Year-to-date, new home sales are up 16.8 percent from the same nine-month period in 2019, according to a report from Zillow, and low mortgage interest rates paired with demand for brand-new homes continue to pay dividends for home builders.

Zillow also notes that an enduring inventory shortage matters less for new home sales than for the re-sale market, the report showing that an estimated 67.6 percent of new homes bought in September had not been constructed yet.

Broad faced issues revolving primarily around economic stress and widespread unemployment also pose a potential issue for new home sales in the future.