New Home Sales Hit 10-Year High Mark

Sales of newly built single-family homes rose 18.9 percent last month, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This represented the highest sales rate since October 2007, with a seasonally adjusted annual rate of 667,000 units, after an upwardly revised August reading. Compared to last year, new-home sales are 8.6 percent above their level during the same period in 2016.

“New-home sales have bounced back from a few soft months and have returned to the strong growth trend we saw earlier this year,” says National Association of Home Builders Chief Economist Robert Dietz. “As existing home inventory remains tight, we can expect new homes sales to continue to make gains in the months ahead.”

These gains in sales continue alongside tight inventory, providing downward pressure on affordability. In a recent REALTOR® Magazine column, National Association of REALTORS® Chief Economist Lawrence Yun urged the industry to recognize the impact that the “massive housing shortage” has on the overall the economy: “We need more construction. An economic boom, not unlike the one we had almost 70 years ago, could result.”

Looking deeper into the sales data, realtor.com Chief Economist Danielle Hale noted a contrast between pricing and the amount buyers ultimately pay for new homes. “The growth in prices for new homes also shows signs of slowing, though that hasn’t yet appeared in home listing prices, which are up 10 percent from a year ago,” she says. “The discrepancy between list price increases and sales price increases suggests that some buyers may have reached a limit on the price increases they can afford, but sellers have not yet caught on.”

New-home sales increased in all four regions, rising 33.3 percent in the Northeast, 25.8 percent in the South, 10.6 percent in the Midwest, and 2.9 percent in the West. Home sales in the South had been greatly hampered by hurricane-related setbacks. All regions showed an increase in sales from last month, and all regions except the Midwest also show growth when compared to a year ago.

Source: “New Home Sales Pace in September Hits 10-Year High,” National Association of Home Builders (Oct. 25, 2017) 

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Nashville is booking with new home communities!

Middle Tennessee is booking with new home construction communities.  Below are a few examples:

Nolensville

Catalina is an upscale, yet affordable neighborhood located in Nolensville.  Located just off of Nolensville Road, Catalina offers 4-6 bedroom estate homes ranging from $599,000 to $675,000.00  Neighborhood amenities include community pool with clubhouse, sidewalks and an abundance of trees.  Conveniently located close to Franklin and Brentwood along with many local shops and restaurants.Ella-Elevation-A-3CARSL

 

Murfreesboro

Westlawn offers easy access to SR 840 on Veterans Parkway in Murfreesboro.  Offering 3-5 bedroom homes with such amenities as open concept living, gourmet kitchens, hardwood floors and front porches.  Westlawn community amenities include pool with cabana, kid water play area, park and nature trails coming in 2018.  Prices range from $320,000 to $390,000

 

Smyrna

The Villages of Seven Oaks is conveniently located near I-24 and about 20 minutes to Downtown Nashville.  The Villages of Seven Oaks offers 4 and 5 bedroom ranch and two story floorplans.  Features gourmet kitchens with granite and stainless steel appliances, open concept layouts and two car garages.  Prices range from $280,000 to $320,000Chantilly-Elevation-C

 

 

 

 

 

 

 

 

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