New Construction Market Remains Strong

The new construction market remained strong through June and July, and all indications point to a great August as well.

In June, closed sales were up 7% and pending sales were up 71% over June of 2014. July also had a great sales month with closed sales up 27.9% over July of 2014!

The average sale price of a new construction home in June and July was $314,000, which is up $9,000 from last year! The average price per square foot for the month of July was $178, compared to $167 last year.

Inventory of available new construction homes was at 1,011, an increase of 63 units compared to last year at this time.

With the state of the Chinese market, we are expecting mortgage rates to stay low and hold there until the end of the year. Giving buyers a great opportunity to take advantage of these great rates!

I expect next quarter’s numbers to be just as strong as this last quarter’s, and anticipate very good numbers going into the colder months. Those that have inventory in the right areas should continue to have strong sales activity.

For more detailed information on new construction market data, please feel free to contact me!