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New Home Sales Still Solid After Rough Winter

Posted in Industry News

New Home Sales Still Solid After Rough Winter

As the harsh winter weather carried into the early months of 2014, new home sales held steady compared to previous months. Even though February’s numbers were down 3.3 percent from January’s, the two months’ average came out fairly close to 2013’s fourth quarter average of 447,000, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development.

This hold over in home sales, considering the weather the entire country experienced this year, is about as good an outcome as can be expected, according to the NAHB. As building and selling season gears up for what is predicted to be a robust spring, the inventory of for-sale homes is still rising. In fact, from January to February, inventories rose by 1,000, and were up 3,000 from December.

Additionally, as mortgage rates remain affordable and the economy continues to grow, increasing employment and releasing pent-up demand, home sales are expected to rise even more over the coming year.

Read the article from NAHB here.

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