New Home Sales Reach EightYear High In June

New Home Sales Reach EightYear High In June

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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!

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Phone: 720-526-2853
Dated: August 4th 2016
Views: 417
About Chris: "Chris has a background in the financial services industry where he has brokered over $15B in receiv...

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