If the pace of new homes sales were a ship, Palm State Mortgage would have to instruct the crew, “Steady, As She Goes.” This is because, in August, the pace of the sales held steadily at a seasonally adjusted annual rate of 373,000 units. This was only a slight dip from the July figures, according to HUD and the U.S. Census Bureau.
Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. announced, “New-home sales in August effectively tied the pace they set in the previous month, when they were the strongest we’ve seen in more than two years — so this is really a continuation of the good news we’ve been getting on the housing front.” At Palm State Mortgage we love to see the statistics and the numbers behind new trends.
The 373,000 units sold mentioned above, means that the housing market has been sailing at its fastest pace since April 2010. If you recall, that was when government tax credits were increasing sales.
More August Numbers To Enjoy:
• Sales in August were up = Up 27.7 over last year.
• Median price of a new home jumped = Up 11.2 percent in August to $256,900.
• The median sales price went = Up 17 percent compared to August 2011.
According to the Associated Press, “The $256,900 median price in August was the highest sales price since new homes sold for $262,600 in March 2007, a period when prices were coming down from the peaks reached during the housing boom.” You can read more statistics and facts if you click here.
Many experts are agreeing that the housing market has been making a slow but steady recovery. Undoubtedly, and in simple words, the Federal Reserve has helped give the economy a boost through lower interest rates.
Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) explained the recent housing sales history, recently said,“Looking at the big picture, sales have been trending gradually upward since the middle of last year as favorable interest rates and prices have driven more consumers to get back in the market for a newly built home.”
As Palm State Mortgage steers our good ship, “Home Sales,” we feel we are steaming slowly but steadily toward recovery for the housing industry. The statistics are encouraging enough that we feel confident in recommending that you read or re-read our “House Hunting Tips,” by clicking here. We hope you will remember that we are powered by careful shopping for your best rates. We of Palm State Mortgage hope the coast of the Future is clear ahead, and mortgage seekers will enjoy smooth sailing in the next quarter of 2012.
Thank you, as always, for reading our blog. We hope you will click on a social network button, below, and help us get the word out about mortgage news.
