New Home Sales Up 12.7% From Last Year

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

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.

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 |2018-10-10T04:00:44+00:00October 10th, 2018|First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers, New Construction, Pricing|Comments Off on New Home Sales Up 12.7% From Last Year

About the Author:

I am proud to have 25 years of experience as a Small Business Owner, Corporate Executive and Real Estate Investor. I am a native Idahoan and started my real estate career in 1991 working in title insurance, market development and lending programs in the Treasure Valley. I founded my own small business and later joined private industry with a focus on commercial facility management and construction. My career grew into leadership roles with responsibility for contract and real estate management, client negotiation, relocation, investment plan administration, project management, risk management and ethics. Most recently, I have joined the long-standing family real estate business, partnering with my mom (Shirley Hicks) as a second generation Real Estate Entrepreneur to do what I love. I’m passionate about assisting first time home buyers in their journey to achieve home ownership, partnering with seasoned home owners to facilitate buying and selling residential property and working with investors to augment their portfolios with real estate. Turning a house into a home and a place into a community is a benefit like none other. I Look forward to our paths crossing for all of your future real estate needs.