New Home Sales Up 12.7% From Last Year

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New Home Sales Up 12.7% From Last Year

New Home Sales

New home sales – According to the latest New Residential Sales Report from the Census Bureau, new construction sales in August were up 3.5% from July and 12.7% from last year! This marks the second consecutive month with double-digit year-over-year growth (12.8% in July).

The report also showed that builders have ramped up construction with an increase in new construction starts and completions. The summer months are often a busy time for builders as they capitalize on the warmer weather to be able to finish projects.

New Home Sales

Below is a table showing the change in starts, completions, and sales from last August.

New Home Sales Up 12.7% From Last Year | Simplifying The Market

Other notable news from the report is that the percentage of new construction sales in the $200-$299k range has continued to break away from the $300-$399k range.

This shows that builders are starting to build lower-priced homes that will help alleviate some of the inventory challenges in the starter and trade-up home categories. The chart below shows the full breakdown.

New Home Sales Up 12.7% From Last Year | Simplifying The Market

What does this mean for buyers and sellers?

If you are thinking of buying or selling in today’s market, you no doubt have heard that there is a shortage of existing homes for sale which has been driving home prices up across the country. The additional new construction coming to the market could help alleviate this shortage, but we are still not back up to pre-crisis levels.

By |2018-10-16T14:51:55+00:00October 10th, 2018|Jane E Daley, Luxury Valley Homes, Scottsdale real estate Arizona|0 Comments

About the Author:

LVH
Jeff and Jane Daley started their careers in real estate after taking early retirement from the corporate world in October of 1999. Their success is achieved by way of their core values. MILITARY SERVICE: Jeff is a Vietnam combat veteran and served in in the US Army. He served with distinction, and received multiple citations.