The NAHB, in the January issue of Builder Magazine, reports that during 2014, residential permits, housing starts,and new homes sales showed the housing recovery was very strong through August, tempered in the fall and actually slowed when compared to 2012 in the last few months of the year. New homes price appreciation appears to have peaked in June/July of 2013 and has subsequently retreated slightly. The NAHB, as a result, has adjusted their annual Housing Start Forecast down 2% for 2013 and to 1.3 million for 2014 instead of the 1.6 million originally projected.
Economists attribute unsustainable price increases in some markets, a pull forward in demand during the spring and summer, and an increase in interest rates as the reasons for the “pause” we are experiencing in new construction sales and starts. They are still projecting healthy growth in new home sales in 2014, however. 2013 new-home sales are expected to be 437,000 units which is an increase of 19% over 2012, and the prediction is for another 22% increase in 2014.
At North Eastern Group Realty, we can assist with your significant Fort Wayne real estate decisions including evaluating whether new construction is your best option. 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.