News & Blog

From REALTOR® Magazine: New-Home Sales Top the 1 Million Mark

Oct 06
New home construction.
According to a recent REALTOR® Magazine online article, “Sales of newly built single-family homes in August reached their fastest pace since September 2006.” Not only this, but new-home sales has topped the 1-million mark, a 43% jump from last year.
In the article, Realtor.com’s chief economist, Danielle Hale, claims that, “Already, more new homes have sold in 2020 than did in all of 2019,” and, “With the number of existing homes for sale down consistently and considerably from a year ago, new homes are an important segment of opportunity for home shoppers.”
Despite this drastic increase in new-home sales over last year’s numbers, low inventory levels of both existing homes and new homes may be keeping the number of new-home sales from climbing even higher.
According to NAHB Chief Economist Robert Dietz, “More construction is needed. The challenge will be whether material and labor are available.”
With higher lumber costs and limited availability of building materials, the price of an average new single-family home is up at least $16,000.
To learn more, please view the original article by REALTOR® Magazine, here.
At North Eastern Group Realty, we are prepared to assist our clients with their significant Fort Wayne real estate decisions. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR®, visit our website at NorthEasternGroup.com.

North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.