New and Existing Home Sales Continue To Rise Across the Nation
In a positive sign for the overall U.S. economy, new home sales unexpectedly jumped in March rising 5.8 percent continuing a 3-month upward trend to a seasonally adjusted annual rate of 621,000 homes sold. This beats the expected figure of 590,000 and now reaches an 8-month high according to the Department of Commerce. Overall new home sales are 12 percent higher in the first quarter of 2017 than during the same period last year.
The NAHB reports, “The March sales numbers are the second highest on record since the Great Recession, which is especially encouraging considering the poor weather conditions throughout many parts of the country,” said NAHB Chief Economist Robert Dietz. “With tight existing home inventory, rising household formations and continued job creation, we can expect further growth in new home sales moving forward.”
“Homebuilding helps to feed growth across the economy. Housing starts and new-home sales are climbing amid a shortage of existing homes on the market, generating gains in construction jobs and sales of building materials” reports ABC News.
“Existing home sales, as reported by the National Association of Realtors (NAR), surged 4.4% in March to the highest pace in ten years.
At the current sales rate, the March unsold inventory represents a 3.8-month supply, unchanged from February. March existing sales were up 5.9% from the same month a year ago, and reached a seasonally adjusted rate of 5.71 million compared to a downwardly revised 5.47 million in February. Total existing home sales include single-family homes, townhomes, condominiums and co-ops.” according to NAHB Eye on Housing blog.
Stone Acorn Builders is a premier custom builder in Houston that specializes in design/build new homes in Bellaire, West University Place, South Side Place, and Houston. We would love to build your next home. Call us. (713) 838.8808
Stone Acorn Builders is a premier custom builder in Houston that specializes in design/build new homes in Bellaire, West University Place, South Side Place, and Houston.
We would love to build your next home. Call us. (713) 838.8808