New home sales soared last month to the highest level in six years and the biggest one-month jump since 1992. According to the U.S. Census Bureau and HUD, the sales of newly-built homes climbed 18% in August, bringing the seasonally adjusted rate of homes sold to 504,000 units. The report also showed that inventory of new homes for sale fell sharply. At August’s pace of sales, it would take 4.8 months to deplete the supply of new homes-down from 5.6 month’s supply in July. The median price of new homes sold in August was $275,600-up more than 2% from July.
The report combined with a recent survey by the National Association of Home Builders which showed builder optimism reached the highest level last month since 2005 suggest that home construction could be on the verge of a long-awaited pickup which would create jobs and stoke the broader economy. “This robust level of new-home sales activity is a good sign that the housing recovery is moving towards higher ground,” said NAHB Chief Economist David Crowe. “Historically low mortgage rates, attractive home prices and firming job and economic growth should keep the housing market moving forward in 2014.”
Epic Development is currently building in Brookhaven, Grant Park, LaVista Park, Old Fourth Ward, Riverside and Sandy Springs. View all the details of our current listings here. For more information about our homes, contact Scott Eaves at (404) 518-3820 or firstname.lastname@example.org.