New home sales in June were at a seasonally adjusted annual rate of about 646,000, an increase of 7.0% compared with a revised rate of 604,000 in May and an increase of 4.5% compared with 618,000 in June 2018, according to figures released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Regionally, and on a year-over-year basis, new home sales were up 19.4% in the West and 9.5% in the South. However, sales plummeted 50% in the Northeast and 17.6% in the Midwest.
The median sales price of new home sold in June 2019 was $310,400. The average sales price was $368,600.
As of the end of June there were about 338,000 new homes available for sale – about a 6.3-month supply at the current sales rate.
“Though there is a clear demand for new homes, builders continue to wrestle with affordability headwinds, including shortages of buildable lots and skilled labor, that are constraining sales,” says Greg Ugalde, chairman of the National Association of Home Builders (NAHB), in a statement.
“The June figures are in line with our forecast predicting a modest 3.5 percent growth in new home sales for 2019, due largely to affordability concerns,” adds Danushka Nanayakkara-Skillington, assistant vice president for forecasting and analysis at NAHB.
Yesterday, the National Association of Realtors reported that existing-home sales in June fell to a seasonally adjusted annual rate of 5.27 million, down 1.7% compared with May and down 2.2% compared with June 2018.
And Greg Lane, a local residential Real Estate Appraiser with Timberlane Appraisal, Inc. sent me this regarding our local market.
“Local Realtors have already sold over 2,400 detached homes, townhomes and condos in Leon County so far in 2019. The volume of sales has remained as strong as last year and the average sale price has continued to steadily rise. Activity has been strong all year, especially for homes under the $250,000 threshold, many of which had competing offers. That said, there have also been plenty of sales in the upper price range of our market, with 112 sales over $500,000 and 15 sales over $900,000. At our office, we forecasted a slight slowdown around July 4th and we certainly noticed it, but that is typical of our market and was not unexpected.
The market sprang back in action after the holiday and we expect to have a busy fall season ahead.“
Call me, Thanks All, Chris Carter.
Chris Carter | Residential Lending
1301 Metropolitan Blvd | Tallahassee, FL 32308
850.402.7977 | 850.402.7969 fax | 850.556.2365 cell
To Apply for the Mortgage, click here.