As the economy and job market continues to improve, new home sales are increasing across the country. According to the Associated Press, Americans bought new homes in June at the fastest pace in more than eight years.
Last week the Commerce Department said that new-home sales rose 3.5 percent last month to a seasonally adjusted rate of 592,000, the best level since February 2008. Purchases of new homes have climbed 10.1 percent year-to-date, despite volatile sales on a monthly basis.
The Commerce Department data also indicated:
Low mortgage rates and a healthy job market have lifted residential real estate.
Greater demand and tight inventories have led to rising prices and signs that housing will help overall economic growth.
Affordability remains a problem and the potential of new-home sales returning to their historic average sales rate of 650,000 could be limited.
The market for new houses is roughly just a tenth of the size of the existing-home market, where sales are also rising even as the number of listings are shrinking on a yearly basis.
Whether you’re looking for a new property or an existing home, there are more options in Denver than you may think. Contact Metrowest today to discuss your needs – we’d love to work with you!
Author:Chris Jenkins Phone: 720-526-2853 Dated: August 4th 2016 Views: 398 About Chris: "Chris has a background in the financial services industry where he has brokered over $15B in receiv...
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Since 2003, Metrowest Real Estate Services has been Denver’s premiere resource for residential, foreclosure, REO and investment real estate. When helping you buy or sell, our mission is to provide excellent customer service to our corporate and individual clients by ensuring that our agents exceed all standards for market knowledge, professionalism, and client support. Whether you are a high volume investor or a first time homebuyer, our team at Metrowest can help you realize your real estate goals! Metrowest is your Denver Colorado Real Estate Team. We specialize in helping you get the most of your sale, purchase or investment.
Rental prices are consistently increasing all over the metro area, but
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