New Construction Housing Market Is HOT!
New home sales felt the pain of the housing market for some time, but now they are back and business is booming. If you are looking for a new home in the Indianapolis area, or maybe a new home in Carmel, Fishers, or Zonsville area, you may consider a brand new home. BUT, use a REALTOR to help walk you through this process. There are so many decisions to consider and negotiations to take place. Being in new construction home sales for several years I know what it takes to make sure your interests are well taken care of. I can help you make the best decisions and ensure your interest are well taken care of.
The following article by CNBC's Diana Olick details the good news happening in New Home Sales.
New single-family home sales surged in September to the highest level in nearly 2-1/2 years, further evidence the housing market recovery is gaining steam.
The Commerce Department said on Wednesday that new home sales increased 5.7 percent to a seasonally adjusted 389,000-unit annual rate -- the fastest pace since April 2010, when sales were boosted by a tax credit for first-time homebuyers.
The home sales data was the latest to show the housing market on the mend from its brutal collapse in 2006, which dragged the economy through its worst recession since the Great Depression.
Rising sales are pushing down the stock of unsold properties on the market, lifting prices and giving builders more confidence to take on new projects.
Demand for housing is being driven by a steady rise in the number of U.S. households, which had declined during the recession as financially strapped Americans moved in with family and friends. Modest job gains, increased job security and record low mortgage rates are encouraging many to seek home ownership.
The U.S. Federal Reserve has targeted housing as a channel to boost growth, announcing last month that it would buy $40 billion in mortgage-backed securities per month until the outlook for employment improved substantially. The action helped push already low mortgage rates even lower.