This article from The World Property Journal shares that there was an uptick in new home sales in April. Many factors influence this trend including a lack of skilled workers and interest rates. It is a good sign in the real estate market. Enjoy the article and give me a call a call with any of your real estate needs.
Tim Houterloot - Broker/Realtor
317-997-0165 - Cell
indyhomepro@outlook.com
Source: The World Property Journal | Repost Houterloot 6/1/2023 -
According to new data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in April 2023 increased 4.1% to a 683,000 seasonally adjusted annual rate from a downwardly revised reading in March 2023. This is the highest level since March 2022.
"A lack of existing inventory supported sales of newly-built, single-family homes in April," said Alicia Huey, chairman of the National Association of Home Builders. "Even more encouraging, we are seeing sales growth in the more affordable price ranges of $200,000 to $400,000."
"April saw an increase in new home sales as buyers sought new construction even as builders struggled to keep up with demand because of a shortage of distribution transformers and skilled construction workers," said NAHB Chief Economist Robert Dietz. "Sales for 2023 thus far are still down 9.7% on a year-to-date basis due to elevated interest rates, and sales may weaken in the months ahead given the recent rise in interest rates."
Read the full article...
