Apr 7, 2017
When it comes to new homes, the Midwest is best.
Figures released by the Commerce Department show February’s new home sales for the nation’s heartland posting month-over-month gains of better than 30 percent, a figure that far outstripped single digit gains in the South and West and a 21 percent shrinkage in the Northeast.
Overall, national figures are considered strong with a rise of more than six percent. The numbers are 12.8 percent ahead of last year’s pace. Inventory of new homes for February topped a quarter million and the median sales price stood at $296,200.
“February’s increase in new home sales is consistent with builders’ growing confidence in the housing market,” said Granger MacDonald, chairman of the National Association of Home Builders. “Builders are encouraged by heightened consumer activity and by the expectation that regulatory costs will decline in the year ahead.”
Quoted on Realtormag.com, the NAHB’s chief economist Robert Dietz said that rising interest rates have not dampened enthusiasm for new homes and predicted the best may be yet to come.
“Ongoing job creation, rising household formations, and affordable home prices should keep the market on an upward trajectory in 2017,” he said.