According to a recent report from the National Association of Home Builders, sales of new homes surged last month to the highest level in five years. Sales climbed 8.3% in June to an annualized pace of 497,000 homes, the highest level since May 2008. The report showed that sales jumped 38.1% from June 2012, the biggest year-over-year gain since January 1992. The median selling price of a new home rose 7.4% over the past year to $249,700.
One of the factors contributing to the rise in prices is the scarcity of inventory of new homes. There were only 3.9 months’ supply of new homes on the market at the end of last month, down from 4.2 months’ in May. New home sales , which are tabulated when purchase contracts are signed, are considered a more timely measure of the housing market than existing home sales which are counted when a sale is final. The number of completed new homes for sale remains at the lowest level (36,000) ever recorded in the 40 years of data.
Over the past 12 months, single-family housing starts, number of new single housing units as determined from number of permits issued, are up 11.5%. NAHB forecasts that single-family construction will be up 20% for 2013.
Epic Development is currently building new homes in Brookhaven, Buckhead, Decatur, Druid Hills, East Atlanta, LaVista Park, Oakhurst, Old Fourth Ward, Ormewood Park and Virginia Highland. View all the details of our current listings here. For more information about our homes, contact Scott Eaves at (404) 518-3820 or scott@epicdevelopment.com. For more information about commercial real estate operations or investment visit EpiCity.com.