Recent data released by the U.S. Census Bureau reveals that new home sales increased 25 percent in October, reaching a seasonally adjusted annual pace of 444,000 and exceeding economists' predictions. According to USA Today, this is great news for the state of the U.S. economy, which has been recovering steadily over the past few years thanks in part to a consistently improving housing market.
Bloomberg reports that this considerable growth can be attributed to a number of factors, including "gains in employment and stock prices," which have enabled Americans to purchase homes in spite of rising mortgage rates and property values.
Experts have indicated that they feel optimistic that this upward trend will continue in the coming months.
"The worst of the impact of higher mortgage rates seems to be behind us," Millan Mulraine, director of U.S. rates research at TD Securities USA LLC in New York, said in an interview with Bloomberg. "If we continue to see improvements in employment and if mortgage rates stay where they are, we should see these levels sustained."
If you're in a good financial position to purchase a house, you'll be happy to hear that there are plenty of Rehoboth Beach properties for sale at affordable prices. There's a lot to love about this charming Atlantic seaside community, which is just an hour away from Delaware's state capital. Whether you're looking for the right place to raise a family, retire or anything else, Rehoboth Beach is ideal for people of all ages.
Contact Rehoboth real estate agents today to find out more!