Purchases of new homes unexpectedly climbed in January to the highest level in more than five years, showing underlying strength in the housing industry despite unusually-harsh winter weather. The Commerce Department said that new home sales increased 9.6% to an annualized pace of 468,000, exceeding consensus forecasts of 400,000. Many economists predict that sales of both new and existing homes will continue to rise in 2014, lifted by an improving economy and steady job growth.
Demand improved in three of the four regions of the country, led by the Northeast where sales surged 73.7%. Sales also climbed in the West and South. The one exception was the Midwest, where new home sales dropped 17.2%. The inventory of new homes for sale remains tight. There were only 184,000 new homes for sale at the end of December, representing a 4.7 month supply at the current pace of sales-the fewest since June. The median price of new home in the U.S. rose 3.4% from January 2013 to $260,100.
Epic Development is currently building in Brookhaven, Buckhead, Kirkwood, LaVista Park, Old Fourth Ward, Ormewood Park and Virginia Highland. View all the details of our current listings here. For more information about homeownership or real estate investment in Atlanta call Jim LaVallee at 404-847-9080 or write Jim@EpicDevelopment.com. For more information about commercial real estate operations or investment visit EpiCity.com.