Evidently, according to a recent article we were reading, sales of newly built homes as well as home prices in general saw some great increases during the month of April, further demonstrating that the housing market continues to improve.
If you’re considering buying or selling real estate anytime soon, we encourage you to continue reading to learn more about this exciting development.
What You Should Know About the Housing Market
Here is some of the most pertinent information you’ll need about the current state of the housing market:
- New home sales increased 6.8 percent from March to April, to a seasonally adjusted annual rate of 517,000.
- The median price of a new home sold in April was $297,300, up 8.3 percent from the year before.
- Supplies of existing homes remain tight and home builders are still slow to start construction on new project.
- So far in 2015, builders have constructed just more than 1 million housing units, which is not too much different from 2014.
- The construction pace increased some in April and actually hit the best level it’s seen since November 2007.
- Meanwhile, new home purchases have been up 26.1 percent over the last year.
- The housing market in April had 4.8 months of supply of new homes, although this is still short of the six months inventory that experts consider a balanced market.
- New home sales represent about a tenth of all home purchases.
Locally, the Mt. Pleasant real estate market has also seen some improvements:
- New home sales increased over 100% in May 2015 from May 2014.
- The median price of a new home sold in May was close to $602,00, up 19% from the year before.
- So far in 2015, almost 200 new homes have been sold in Mt. Pleasant.
- The Mt. Pleasant housing market, like the national market, has around a 4 month supply of new homes.
- New home sales in Mt. Pleasant represent near 20% of all home purchases in the area.
Experts attribute steady job growth, historically low interest rates and rising rental costs and key catalysts for the recent improvements on the national housing market. They have also noted that they believe that the US needs construction of at least 1.5 million new homes a year in order to keep up with the growing population as well as the average loss of existing stock each year because of age.
We’re Your Dedicated Real Estate Experts!
We hope you found the above data as encouraging as we did. The market definitely continues to improve month after month and the memory of the housing market crash continues to fade overtime. This is great news for everyone! The Mt. Pleasant area has a number of neighborhoods that are continuing to build new homes in varying price ranges. They include Carolina Park, Dunes West, Park West and Rivertowne. We’d be happy to provide you with more information about a neighborhood, a particular home or market statistics.
Please feel free to contact us with any questions!