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.