New single-family home sales jumped 3.5% in September as lower mortgage rates continue to support strong demand in the housing market.The U.S. Census Bureau reported that new-home sales rose to a seasonally adjusted annual rate of 1.21 million in September from 1.17 million in August. National Association of Home Builder chief economist David Seiders said he continues to be surprised by the strength of the market. His forecast calls for a decline in new-home sales in the fourth quarter, but that may be "overly conservative," he said at an NAHB construction forecast conference. The NAHB is forecasting that single-family housing starts will decline by 4% to 5% in 2005.
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