Sales of New Homes…

Sales of New Homes… hit a 5 1/2 year high

 Homes Sales

Homes Sales

Sales of newly built homes , new homes, hit a five-and-a-half-year high in January, with completed transactions of new single-family homes hitting an annual rate of 468,000, the Census Bureau and the Department of Housing and Urban Development reported last week. January’s sales marked a healthy 9.6 percent climb from December’s revised rate of 427,000, and were 2.2 percent higher than January 2013’s pace of 458,000.

Looking at price and inventory, the median price of new homes sold in January rang in at $260,100, and the average sales price was $322,800. The estimated number of new homes for sale at the end of January was 184,000, which represented a supply of 4.7 months at January’s sales rate.
It’s important to note that new home sales can become volatile, and comprise a smaller portion of the real estate market than existing home sales. That said, housing market watchers are expecting overall growth for the real estate market through 2014.

“Despite higher mortgage rates, the fundamentals for new-home sales and residential construction are solid,” PNC Financial Services Group chief economist Stuart Hoffman told the Washington Post last week. “The economy is adding jobs and incomes are growing, making households more confident.”

#New Homes #Real Estate  #Lawrenceville #ericgreid #Realtor

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