September produced an encouraging new home sales report as single family home sales rose 5.7%.
“Today’s report highlights the gradual improvement in housing market conditions that is becoming evident in certain pockets of the country, as consumers who can surmount very restrictive lending standards to qualify for a favorable mortgage rate seize on this opportunity to buy,” said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. “The latest numbers also reveal that first-time buyers are driving the new-homes market right now, as evidenced by the volume of lower-priced, entry-level homes under contract. It’s worth noting that these consumers are very dependent upon federal policies and programs that support home ownership, such as the mortgage interest deduction and low-down payment mortgage options that have been threatened by recent government proposals.”
This is encouraging data when viewed along side the estimate that there were only 163,000 units for sale in September. Based on the current rate of new home sales this represents only a 6.2 month supply of new homes nationwide.
Konter Quality Homes is prepared to be the Savannah area’s continuing voice for quality and service in this continually improving housing market.