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New Home Sales Up 12.7% From Last Year

Posted by David E. DeChant on Wednesday, October 10th, 2018 at 9:03am.

According to the latest New Residential Sales Report from the Census Bureau, new construction sales in August were up 3.5% from July and 12.7% from last year! This marks the second consecutive month with double-digit year-over-year growth (12.8% in July).

The report also showed that builders have ramped up construction with an increase in new construction starts and completions. The summer months are often a busy time for builders as they capitalize on the warmer weather to be able to finish projects.

Below is a table showing the change in starts, completions, and sales from last August.

Other notable news from the report is that the percentage of new construction sales in the $200-$299k range has continued to break away from the $300-$399k range.

This shows that builders are starting to build lower-priced homes that will help alleviate some of the inventory challenges in the starter and trade-up home categories. The chart below shows the full breakdown.

Bottom Line: What does this mean for buyers and sellers?

If you are thinking of buying or selling in today’s market, you no doubt have heard that there is a shortage of existing homes for sale which has been driving home prices up across the country. The additional new construction coming to the market could help alleviate this shortage, but we are still not back up to pre-crisis levels. Talk to a REDCO Agent today!

 

Source: https://www.keepingcurrentmatters.com/2018/10/10/new-home-sales-up-12-7-from-last-year/ 

3 Responses to "New Home Sales Up 12.7% From Last Year"

Dispelling The Myth About Home Affordability wrote: [...]Links

New Home Sales Up 12.7% From Last Year
What’s Going On With Home Prices?
The True Cost Of NOT Owning Your Home[...]

Posted on Thursday, October 11th, 2018 at 10:09am.

Buying A Home? Do You Know The Lingo? [INFOGRAPHIC] wrote: [...]Links

Dispelling The Myth About Home Affordability
New Home Sales Up 12.7% From Last Year
What’s Going On With Home Prices?




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Posted on Friday, October 12th, 2018 at 10:50am.

Pre-Approval: Your 1st Step in Buying a Home wrote: [...]The Lingo? [INFOGRAPHIC]
Dispelling The Myth About Home Affordability
New Home Sales Up 12.7% From Last Year




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First Time Home Buyers (128)
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Posted on Monday, October 15th, 2018 at 1:55pm.

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