Home Building is Booming in Lancaster Co. , PA !

By
Real Estate Agent with KW Elite
https://activerain.com/droplet/4Vvt

Housing Market Slowing Down? Don’t Tell Builders!

Housing Market Slowing Down? Don’t Tell Builders! | MyKCM

Many experts have been calling upon home builders to ramp up construction to help with the lack of existing inventory for sale. For the past two months, new home sales have surged, with July’s total coming in at the highest since October 2007.

The latest estimates from the US Census Bureau and Department of Housing and Urban Development show that sales in July were 31.3% higher than this time last year, and 12.4% higher than last month, at a seasonally adjusted annual rate of 654,000. 

Zillow’s Chief Economist, Svenja Gudell, echoed the reaction of some as she commented:

“July(‘s) new home sales data was a surprise, but a welcome one. For years, the market has been practically begging builders to both ramp up their efforts overall and to put more focus on serving the less expensive end of the market. Today's data confirms both are happening in earnest.”

The National Association of Home Builder’s (NAHB) Chairman, Ed Brady, didn’t seem as surprised:

“This rise in new home sales is consistent with our builders’ reports that market conditions have been improving. As existing home inventory remains flat, we should see more consumers turning to new construction.”

NAHB’s Chief Economist, Robert Dietz, believes this is just the start for new home sales if market conditions continue:

“July’s positive report shows there is a need for new single-family homes, buoyed by increased household formation, job gains and attractive mortgage rates. This uptick in demand should translate into increased housing production throughout 2016 and into next year.”

The existing home sales numbers for July will be released today and will shed more light on the overall health of the housing market.

Bottom Line

New home sales hit their highest mark in over 9 years. Buyers are out in force to find a home that fits their needs. Many are turning to new construction, as the inventory of existing homes has not been able to keep up with demand.

Building is booming at The Villas @Georgetown  and
GREEN  HILL  ESTATES , Conestoga , PA  ! Please visit both
of their Face Book Pages for more details / Open Houses !
 
 
 
Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

   facebook  Google me  Find us on Google+

Longtime West Lampeter resident and Lancaster County Realtor!

SUBSCRIBE TO MY BLOG VIA EMAIL

Enter your email address:

Delivered by FeedBurner

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Don Hess 08/30/2016 05:41 AM
Topic:
Real Estate Market Trends
Location:
Pennsylvania Lancaster County Lancaster West Lampeter Township
Groups:
ABR-Accredited Buyer Representatives
Keller Williams
Keller Williams Realty Referral Group
Local Expert
HyperLocal Neighborhood and Community Posts

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,266,793
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Glad to hear it! Same here in Waukesha WI too!

Aug 29, 2016 10:07 PM #1
Ambassador
1,614,650
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

It is booming here in Phoenix also.

Aug 29, 2016 10:18 PM #2
Rainmaker
3,984,839
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

New construction is heating up in my area also, and I expect a large increase next year

Aug 30, 2016 11:41 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,863,145

Michael J. Perry

Lancaster, PA Relo Specialist
Ask me a question
*
*
*
*
Spam prevention