Posts from May 27th, 2014
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27
Spring New Construction Update: New Home Sales Show Modest Increase Under Harsh Conditions
Even record cold, snow and frost depths were unable to dampen the spirits and efforts of some buyers and builders this winter. Despite many weather related schedule delays, overall regional new home sales managed a 1% increase over the same period last year, accounting for 1 in every 9.4 home sales during the first quarter. New home starts for the same period are detailed in the chart below. There was a 13% increase in regional inventory compared with the same time last year. Houses represent 74% of new home sales for the period and 57% of current inventory, while condos comprise 26% of sales and 43% of inventory. New house prices continued a steady rise during the quarter, as shown below: Below $300,000 = 44% of house sales $300,000 - $400,000 = 35% of house sales Above $400,000 = 21% of house sa...
