In September 2017, sales of new homes in the United States shot up to the highest level in nearly a decade.
The Commerce Department reported an 18.9% increase for the month, during which about 667,000 newly built homes were sold—a figure not seen since October 2007. September’s increase also represented the biggest month-over-month percentage gain since January 1992.
While such figures may be great news for those monitoring the robustness of the country’s housing market, it’s not ideal news for buyers of modest means.
These statistics mean that Americans, unable to find existing homes, are increasingly turning to new construction. At the same time, however, homebuilders are overwhelmingly focused on creating higher-priced housing, which often…