Median Home Prices Up

29 Oct

The new home market is a greater source of strength for the economy in that new home sales jumped 5.7% in September.This is the
largest increase since the stimulus efforts of 2010.   Although prices for new
homes slid back just by 3.2%, we are still seeing that median home prices are
11.7% higher from a year ago.

The National Association of Realtors is optimistic that low interest rates will continue to influence home sales, despite an only 0.3 increase in September home sales.

National Association of Home Builders os optimistic in its economic outlook as well.  The NAHB is predicting a 21 percent increase in single-family starts this year to 528,000 units and a further 26 percent rise to 665,000 units in 2013. As for multi-family units, the NAHB expects a 26 percent increase this year to 224,000 units and a 6 percent climb in 2013 to 328,000 units.

 

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