New Home Sales Blast Past Expectations
CNN Money has reported that the sales of newly constructed homes hit their highest point since last Septempber. During July new homes sold at an annualized rate of 433,000. This far exceeds the forecasted amounts and was up 9.6% from the 395,000 rate from June. July was expected to only reach 390,000.
This news follows positive housing market reports from earlier in the month. This also includes a spike in existing home sales due to increased affordability and decreased prices overall. Peter Morici says the “psychology of the market is changing, the notion that prices will drift down forever is gone.” The market is indeed attractive to new home buyers no with the median price of a new home declining to $210,100.
Now is a great time to buy a new house, with prices down across the board and affordability up. There are also many other incentives to do this such as the $8,000 tax credit for first time home buyers and with some houses offering buyer protection plans.
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