The USA property market is witnessing a tremendous increase in sales of new build homes Year-on-year, the latest published data by Commerce Department of USA states that the new home sales have grown by 8.8 % from a year ago.
The Commerce Department in another report, clearly declared a noticeable hike in sales of new homes in the USA in the month of March as compared to the sales in the first 2 months of the year. They said that sales last month were at a seasonally adjusted with the annual rate of 694,000. The initial 2 months also showed their sales graph upward with the annual rate of 667,000 in February 2018 and 644,000 in January 2018. Collectively in the first quarter of the year 2018, sales are running 10.3 % higher if compared to last year.
In the April month of the running calendar year, it has been noticed that new home sales inflated over expectations in March, indicating the disbursement strength of the consumers within the economy, whereas slow growth was speculated in the first quarter.
“Americans appear to think the economy is headed in the right direction and it’s not just all talk because their greater confidence is leading them to buy more new homes,” said Chris Rupkey, chief economist at MUFG in New York. Courtesy: The Reuters.
The analysis of the March increased new home buying data revealed that new home purchases rose mostly in the west, a little hike in the south, down in the Midwest and plummet in the Northeast region of US.
Certainly opting for the new house costs manifold in comparison to buying an old property. Still, aspirant homebuyers are bagging up newly built residential properties because of continuous empowerment of economic outlook of the USA.
Evident inflation in new house price was also approved by another report from the Federal Housing Finance Agency (FHFA). The substantial rise in new homes
sales has affected the sale graph of used properties, which are ready to be purchased. Real Estate listings for previously owned homes have declined to all time low level on the record for the month of March, the National Association of Realtors reported on Monday.
Buying new house is becoming more costlier as the prices are constantly increasing. In 2016, 53 % of new build homes cost more than $300,000, this figure jumped to 60 % for new homes, which get sold in March 2018.
The Conference Board said its consumer confidence index increased to a reading of 128.7 this month from a downwardly revised 127.0 in March. The index was previously reported at 127.7 in March. Confidence raced to more than a 17-year high of 130.0 in February. Courtesy: The Reuters.
The newly build single-family houses are more in demand in the United States.
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