New Home Sales on the Rise
With today’s current resale housing market limited in supply, many homebuyers are looking to purchase new construction. In recent months, the new homes sales market has continued to show strong growth with sales, reaching new highs in many regions.
According to the U.S. Census, new home construction increased almost 10 percent in the past month, surpassing expectations. According to their latest data, more new homes were completed and ready to sell in the first part of this year. In addition, the number of permits for building new single-family homes ticked up in recent months indicating more new homes are on their way.
Fueling this drive is the continued demand for housing, particularly in urban areas. Home builders are responding to the demand by building homes in prime locations and offering appealing amenities. Homebuyers, especially millennials, are also looking for homes that are more energy efficient and sustainable for their lifestyles. Builders recognize this trend and are investing in new technologies and materials to make their homes stand out as more efficient than their competition. But despite these positive trends, there are also challenges in the new home sales market with the cost of construction materials and labor which in turn can make it more expensive down the line. As a buyer, it is important to consider all these factors in your home search.
And as always, have an experienced and well-seasoned real estate agent to help navigate you through all the pros and cons of purchasing a new build. If you would like more information on current market data and the available inventory in the area, as well as the most important considerations when buying new construction versus a resale home, reach out to my team and I so we can help you by providing timely and accurate info, or creating a filtered property search for you, and when you find the right home-getting your offer accepted.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!