U.S. Housing Market Showed Fantastic Gains This Spring
Posted
to General
We love to share good news about the U.S. housing market, and this has been one of those weeks! Evidently, according to a recent article I just read, sales of newly-built homes, as well as home prices in general, saw some great increases during the month of April 2015, further demonstrating that the housing market continues to improve. So, if you’re thinking of buying or selling real estate anytime soon, we encourage you to keep reading to find out more about this exciting development.
What to Know About the National Housing Market
- New home sales increased 6.8% from March to April, to a seasonally adjusted annual rate of 517,000.
- The median price of a new home sold in April was $297,300, up 8.3 percent from the year before.
- Meanwhile, the Standard & Poor’s/Case-Shiller Home Price Index increased 4.1% in the 12 months that ended in March.
- Supplies of existing homes remain tight and home builders are still slow to start construction on new project.
- So far in 2015, builders have constructed just more than 1 million housing units, which is not too much different from 2014.
- The construction pace increased some in April and actually hit the best level it’s seen since November 2007.
- Also so far in 2015, monthly sales of new homes have average 515,000.
- Meanwhile, new home purchases have been up 26.1% over the last year.
- The housing market in April had 4.8 months of supply of new homes, although this is still short of the six-month inventory that experts consider a balanced market.
- New home sales represent about a 1/10th of all home purchases.
- Historically, new home sales peaked in July 2005, when they hit an annual pace of almost 1.4M
- Sales bottomed out in February 2011 at 270,0000 units.
Streamline: Your Dedicated Real Estate Experts
We hope you found the above data as encouraging as we did. The market definitely continues to improve month after month, and the memory of the housing market crash continues to fade over time. This is great news for everyone! Check back with The Stream for more valuable information on the current state of the housing market and how it could impact you as a buyer or seller.
