Wednesday, October 26, 2016

Rising New Home Sales

Sales of new homes rose 3.1 percent in September - a sign that the recovering housing market continues to rebound.

Since January, new home sales have increased by 13 percent compared to the same time period in 2015.

Experts believe the increase is due to improvements in hiring, salaries and low interest rates. The number of new homes on the market remains low with only a 4.8 month supply of new homes available.

Due to the limited demand of new homes, prices have risen by 2.7 percent to an average of $377,700.

Each month prices continue to go up and the number of available houses go down. Mortgage rates remain at historic lows. If you're in the market for a new home now is the time to buy!

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