New home sales increased a little in November 2015, despite the forecast that they would not. This brings new constructions up to account for a little over nine percent of the overall housing market in the U.S. While things are still slow for builders and demand for new homes, this market is in better shape now than it was a year ago.
New Home Sales | Raleigh Real Estate Agent
According to realtor.org, new home sales aren't where they should be, despite the growing economy. That's why our Raleigh real estate agent thinks buying an existing home is a better idea at this time. Realtor.org also offers the following information about new home sales:
- A rebound in sales of existing home sales is expected in December as the housing market remains supported by a tightening job market, which is gradually lifting wages.
- New home sales tumbled 28.6 percent in the Northeast, but retained the bulk of October's 84.2 percent surge.
- Sales rose 4.5 percent in the populous South and jumped 20.5 percent in the Midwest. They fell 8.6 percent in the West.
- The inventory of new homes on the market increased 2.2 percent to 232,000 last month, the highest since January 2010.
- While builders have ramped up construction, in part encouraged by high prices, the supply of new homes remains less than half of what it was at the height of the housing boom.
- At November's sales pace it would take 5.7 months to clear the supply of houses on the market, down from 5.8 months in October.
- The median price of a new home increased 0.8 percent from a year ago to $305,000.
Not interested in building a new home in 2016? Don't worry. There are many more options for you in the way of existing home sales on the market! If you're thinking of buying or selling a home this winter it's time to get started! An economy that’s improving every day, combined with low interest rates makes for a great market! This upcoming season is predicted to exceed expectations with home sales!
Roark Premier Team | Raleigh Real Estate Agent
If you’re considering buying a home, contact our Raleigh real estate agent at Roark Premier Team today! It's time to get started with the process of searching for your dream home! In addition, we will work with you until you find your next home! So what are you waiting for? Call now! At Roark Premier Team we have a real estate agent standing by to help you get your home sold during one of the busiest times of the year for real estate!
Ready to sell? We can help you with that as well! Our Raleigh real estate agent is here to help you with all your real estate needs! Don't hesitate to call us today!
Missed other blogs regarding November 2015 home sales? Visit back with them, below:
- November 2015 Home Sales Part One
- November 2015 Home Sales Part Two
- November 2015 Home Sales Part Three