US New Construction Home Sales Hits 25 Year High

With the demand for houses maintaining a ferocity and the supply for existing home maintaining a low level, US home buyers have decided to go to route of purchasing new construction.  Sales of new homes were purchased at a pace not seen in 25 years and sales of new construction homes increased 17.5% in November from a month earlier.

According to the report released by the Commerce Department, new home sales last month increased to a seasonally adjusted annual rate of 733,000 units compared to 624,000 in October.   It is the biggest monthly gain since January 1992.
New construction homes have increased steadily and the inventory of existing homes continue to fall.  Some of the demand is also precipitated by an increasing economy and 17 year low in unemployment.  Sales of existing homes has also increased at sizzling pace which will see an estimated 5.81 million sold within the year and a 3.8% increase year over year.   This has amounted to a significant shortage while demand is strong in all regions.

In the Northeast, sales of new construction homes increased by 9.5%.  The Western region lead the overall charge with an increase of 31%.  This was followed by the South with an increase of 14.9%, then the Northeast and the Midwest having the 6.9% increase.  Median sales prices increased by 1.2% to $318,700 and the average sales price is $377,100.

The numbers falls in line with Homebuilder confidence levels which we reported on and can be read here.  According to the survey, homebuilder confidence hit a high of 74 on their index.  The number reached according to the survey is the highest since 1999.

If you are an investor or homeowner looking for management of a new construction or existing residence than Blue Harbour Property Management is for you.  We are a full service NYC property management company representing commercial and residential buildings and homes in Queens, Brooklyn, Manhattan and the Bronx.

http://www.blueharbourpropertymanagement.com/us-new-construction-home-sales-hits-25-year-high/

10 Year Highs Attained For New Home Sales and Construction Jobs

The National Association of Home Builders (NAHB) is reporting that sales of newly built, single-family homes in September rose 18.9 percent to a seasonally adjusted annual rate of 667,000 units. 

This is the highest rate attained since October of 2007.
According to the data from the U.S. Department of Housing and Urban Development as well as the U.S. Census Bureau, new home sales increased in all four regions. Of significance for us in New York City and the Northeast, sales rose 33.3 percent in the Northeast.  In other areas sales are up 25.8 percent in the South, 10.6 percent in the Midwest and 2.9 percent in the West.

Another statistic of significance in the housing market is the NAHB is reported a significant number of unfilled construction jobs for the August period.  According the analysis, the number of open construction sector jobs increased to 247,000 in August which represents a 34% increase since August 2016.  It is also the highest levels seen since February of 2007.

Home builders and remodelers have added 80,600 jobs in the last 12 months, and industry employment has increased by more than 710,000 since the low point after the Great Recession.   With cleanup from the Hurricanes needed, we can expect additional resources and employment needed in the next few months to a year.

The trends lead to more opportunity for property management in the future.  If you are in need of property management in the New York City region that we can help.  We are a full service NYC property management company services Manhattan, Queens, Brooklyn and the Bronx.

http://www.blueharbourpropertymanagement.com/10-year-highs-attained-new-home-sales-construction-jobs/