Americans bought new homes in October at the fastest pace in a decade. The 6.2% monthly increase reflects both the strength of the economy and the worsening shortage of existing homes for sale. According to the Commerce Department, new-home sales last month rose to a seasonally adjusted annual rate of 685,000 which marks the third straight monthly gain and the best sales clip since October 2007. Most of the sales growth can be attributed to the Northeast and Midwest. The South and West, on the other hand, saw smaller increases.
While many buyers have turned to new construction due to the low supply of existing homes for sale, new construction has not been able to keep up with such high demand. The lack of properties on the market has fueled higher prices creating a pressure on affordability. The average sales price of a new home jumped 13.6% over the past year to $400,200. This indicates to builders that they can start charging more since there’s such low inventory.
With that being said, the demand being so high for more homes on the market means that this is the ideal time for you to sell if you are currently a homeowner. Thanks to my years of experience, network, and knowledge of all things related to real estate, I can help you sell quickly and for top dollar. Don’t hesitate to contact me, Kim Rievley, today if you have any questions. I can be reached at 951-377-3955 or by email at firstname.lastname@example.org.