Come and see a North Eastern Group Realtor at the Fort Wayne Home and Garden Show March 1 through the 4th at the Memorial Coliseum! Fort Wayne residents flock to the Home and Garden show every year to plan home improvements or consider new home options. If you are looking for a real estate professional...
Daily Real Estate News | Monday, February 27, 2012
With fewer homes available, the price of new homes increased slightly last month. The median price for a new home ticked up slightly at 0.3 percent to $217,100, which is the highest level since October.
However, January sales of single-family homes mostly stayed flat in January, falling less than 1 percent last month compared to the previous month. New-home sales reached a seasonally adjusted annual pace of 321,000 units.
New-home sales were up 3.5 percent compared to the same time last year, the Commerce Department reported.
“This is indicative of the incremental, steady progress that the market is making toward recovery in conjunction with modest economic and job growth,” said David Crowe, the National Association of Home Builders’ chief economist. “Increasingly, potential buyers are feeling better about their financial situation and their ability to buy a home, but the challenges posed by tight credit conditions and appraisal issues continue to slow that process.”
Regionally, the Midwest saw the biggest decline in new home sales in January, a 24.5 percent drop in sales followed by a 10.6 percent drop in sales in the West. On the other hand, the Northeast posted an 11.1 percent gain in new home sales in January, and the South saw a 9.3 percent increase.