The U.S. Department of Housing and Urban Development and the U.S. Census Bureau announced that new home sales rose 7.8% in February which is it’s highest pace since February 2008. Regionally, new home sales increased 10.1% in the South. The inventory of new homes for sale was at 210,000 in February, which is a 4.7 month supply at the current pace.
“Today’s numbers are a great start to the Spring buying season,’ said National Association of Home Builders Chairman Tom Woods. Hopefully, this is an indicator of how the rest of the year will fare.”
“Most sales activity continues to be among existing home owners who are trading up to new construction and taking advantage of low mortgage rates,” said NAHB Chief Economist David Crow. “First time home buyers remain absent from the market, restricted by tight lending conditions.”
If you are looking for a new home, check out our current inventory. We are building in Brookhaven, Grant Park, Old Fourth Ward, Ormewood Park, Reynoldstown, Riverside and Sandy For more information about our homes, contact Scott Eaves at (404) 518-3820 or scott@epicdevelopment.com.