Extraordinarily limited supply in the existing homes market continued to drive buyers to new homes in September. The 12.4% m/m rise in new home sales in September took them to 759,000 annualised (consensus 680,000), resuming the upward trend since July 2022. This means that despite very stretched affordability, new home sales are at their highest level since February 2022, and markedly above their 600,000 average from the five years prior to the pandemic.
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