New Home Sales Pace Extends to a 3-Month Marathon

The National Association of Home Builders (NAHB) has announced once again that sales for new, single-family homes rose in May, 2013.  However, that is not the news that builders here in St. Tammany Parish are most excited about.  The big news is that new home sale increases – nationwide – and locally in the Greater New Orleans area have been steady over the PAST 3 MONTHS!  There are a lot of statistics coming out New York and Washington that are comparing home pricing and home sales to numbers pre-Recession.  May’s new home sales increase of 2.1% is the fastest sales pace recorded since July of 2008.  The number of new homes sold nationwide is 476,000 total.

The market itself is a reflection of the sales increase.  The supply of foreclosed and “sitting inventory” has been steadily dwindling bringing the current “on-the-market” time period to just 4.1 months, which is much less than the 16, 18, and even 24-month supply we saw in 2009.  Builders are reporting that the demand for housing especially new housing, is being combined with low interest rate availability and loosening lending practices from mortgage companies and banks.  Because regulations are no longer “being changed daily,” lenders are finding it easier to navigate through the new federal requirements.  As they become more comfortable with the process, they are able to help more buyers get qualified for a loan.

St. Tammany Parish just reported record numbers of building permits being pulled both by residential and commercial builders.  Bedico Creek’s lots have been steadily selling, and we have brought on more Builders for our buyers to interview when purchasing their new or custom home.  Overall, both nationwide and here in Madisonville, the housing market is showing signs of positive growth.  To find out more information, call 985-845-4200 or E-mail Info@LiveBedico.com.

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