Monthly Archives: March 2015

There’s Just Something About That New House Smell…

new-home-construction

As the current upswing in real estate sales continues to rise & the down payment percentages have begun to fall, thanks to Freddie Mac’s 3% deals, another new development has begun to take form. New home sales have reached a seven-year high, rising 7.8% in February. And it’s been a long time coming…

The U.S. Department of Housing and Urban Development recently released the great news as new home sales hit an adjusted annual rate of 539,000 units in February. They say that it isn’t the first-time buyers casing the growth, but the existing home owners, trying to capitalize on the new construction and low mortgage rates. The sales increase has dampened inventory levels, but we are currently on a 4.7 month supply, which is close to the 6 month supply seen as a healthy pace for the sector.

The main areas causing this incredible surge, you ask? The Northwest with a whopping 152.9% increase in sales! I guess the cold weather was no match for chilly home owners…or maybe they were just freezing and ready to get warm and toasty in some new digs. Either way, kudos to you Northeasterners! Continue to do us proud.

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