WASHINGTON — NAFCU released its Macro Data Flash on new and existing home sales last week, and the data underscored what credit union mortgage lenders already knew about the state of the U.S. real estate market.
New home sales in September increased 5.3% to 1.08 million units, and new home inventory also improved. However, compared to one year ago, the median new home price declined 9.6% from $240,000 to $217,000. This was the largest year-over-year decrease since an 11.2% decrease in 1970 and is the lowest median new home price since Sept. 2004.
But NAFCU cautions that despite the unexpected increase in new home sales during September and the improvement in the inventory situation, it is still uncertain whether the three-month upward sales trend will continue.
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