A recent article posted online by REALTOR® Magazine reveals that the sale of newly built single-family homes has jumped to the highest pace since 2006, which is 36% higher than a year ago (U.S. Department of Housing and Urban Development & U.S. Census Bureau). While all four major regions of the U.S. had increases in new-home sales, the Midwest saw the largest increase in new-home sales in July with a 59% month-over-month increase.
According to Chuck Fowke, chairman of the National Association of Home Builders, “Consumers are being driven by low interest rates, a growing focus on the importance of housing, and a shift in buyers seeking homes in lower density areas. Despite these conditions, affordability challenges remain, especially as builders are dealing with building cost increases, including a dramatic rise in lumber costs in recent months.” For reference on how these increased building costs affect the overall cost of a new home, the median sales price for a new home in July was $330,600, up 7% from a year ago.
Also shared in the article, NAHB Chief Economist Robert Dietz discusses how new-home sales are benefiting from a suburban shift as buyers look for more affordable markets to obtain more residential space. With sales of ready-to-occupy homes down 24% and sales for new homes that have not yet started construction up 34% year-over-year, there are likely “continued gains for single-family construction ahead.”
To learn more about current housing levels or to read the full, original article posted by REALTOR® Magazine, click 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.
BIG HOUSE with apx 4500 square feet in Sorrento Neighborhood in Northwest Allen County Schools/Carroll High School! FOUR LIVING SPACES! Really!! (1) Upstairs LIVING room apx 21'x17' (2) Main floor FAMILY room apx 21'x15' - NO WAIT, there's more! (3) ANOTHER main floor living area apx 25x24'! (4) FULL BASEMENT finished living areas over 1000...
Comparing the stats year over year is one way that North Eastern Group Realty stays on top of the current market. Take a look at this breakdown comparing July of this year to July of 2019 and learn what this means for you as a buyer or seller! At North Eastern Group Realty, we are...