Home building activity keeps on building! In September, residential builders spent at a seasonally adjusted annual rate of $872.0 billion, which was 0.6% ahead of August’s annual rate of $866.6 billion.
Builders in our area are offering great rate incentives on qualified homes. We are now in a normalized market in terms of pricing and availability so Buyers have options and time to make a well informed decision.
Rising Home Prices
Home prices rose again in August, according to both the Case-Shiller index and the FHFA index of homes financed with conforming mortgages. The Case-Shiller National Composite stands at an all-time high.
Demand for new homes continues to surge. A national online real estate database reports that more than 30% of the homes for sale in the third quarter were new builds—the highest share for any third quarter on record.
Increased Listings and Faster Sales
Realtor.com reports that new listings in the past week abruptly reversed course and came in 5.6% ahead of the same week a year ago. Plus, homes were on the market one day less compared to last year.
Federal Reserve's Decision
In a significant development, the Federal Reserve voted unanimously to pause rate hikes, indicating a favorable environment for those considering real estate transactions.
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SOURCES:
https://www.mansionglobal.com/articles/u-s-home-prices-rose-to-record-in-august-47302409
https://www.wsj.com/economy/central-banking/fed-extends-rate-pause-but-keeps-door-open-to-another-hike-0fa978f8