Newly built single-family home sales have significative escalated in January and February. As the warmer weather approaches in several areas of the U.S, home sales have increased, having a prompted start to the spring homebuying season.
Sales have increased by 7.9% in January to a seasonally adjusted annual rate of 764,000 units. In comparison to last year, sales are 18.6% higher.
The growing demand among homebuyers is encouraging homeowners to sell their properties, especially new construction since inventories remain low.
Economists agree that the past two months have been favorable for new-home sales. Besides, mortgage rates and unemployment continue to be low which makes this season great for househunting.
All across the country, new-home sales rose month over month, especially in the Midwest where the average home price was $348k in January compared to $305k from a year ago.