Home sales saw their biggest one-month surge in 22 years this May, with an 18.6% increase in sales. With an improving job market — including payroll gains that have exceeded 200,000 workers for four consecutive months — as well as stable borrowing costs at low levels, an increasing number of Americans are looking to purchase a new home in Warwick RI and other cities across the country.
With 41% of Americans looking to purchase new homes over existing homes, it comes as no surprise that new-home sales reached their highest numbers since May 2008. The sales of new homes exceeded all 74 forecasts from a Bloomburg survey of economists.
The demand for new homes is found throughout the country, but the highest numbers are in the Northeast, which saw a 54.5% jump in sales. If you’re among those in the Northeast considering the purchase of a new home in Warwick RI, consider turning to H.A. Fisher Homes, women-centric home builders who understand the specific needs and demands of women when it comes to home design and function.
With the job market improving, the housing market is also improving. Demand for new home construction is growing, which in turn leads to an increase in construction, which also aids the overall economic growth. Although there is an increase in consumer demand for new homes, housing prices are remaining affordable. Home prices have increased 10.8%, but this is lower than expected. However, this is good news for potential home buyers and the economic recovery. Home prices are rising, but they are doing so at a slower rate that keeps home purchases affordable. In turn, this helps sustain the housing market recovery, which benefits the overall economy.
Purchasing a home remains a sound economic investment and with home prices and lending rates at affordable levels, now is a great time to consider making your own real estate investment. With the help of home builders like H.A. Fisher Homes, a new home isn’t just a financial investment, it’s an inviting place to call home.