{"id":3867,"date":"2017-04-26T00:00:00","date_gmt":"2017-04-26T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/buyers-rushing-toward-new-construction\/"},"modified":"2017-04-26T00:00:00","modified_gmt":"2017-04-26T00:00:00","slug":"buyers-rushing-toward-new-construction","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/buyers-rushing-toward-new-construction\/","title":{"rendered":"Buyers Rushing Toward New Construction"},"content":{"rendered":"

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Sales of newly built single-family homes increased for the third consecutive month, posting a strong showing to the spring selling season, the Commerce Department reported Tuesday. Single-family new-home sales rose 5.8 percent in March to a seasonally adjusted annual rate of 621,000 units.<\/p>\n

\u201cThe March sales numbers are the second highest on record since the Great Recession, which is especially encouraging considering the poor weather conditions throughout many parts of the country,\u201d says Robert Dietz, chief economist of the National Association of Home Builders. \u201cWith tight existing-home inventory, rising household formations, and continued job creation, we can expect further growth in new-home sales moving forward.\u201d<\/p>\n

In March, the inventory of new homes for sale<\/a> was 268,000, a 5.2-month supply at the current sales pace, the Commerce Department reports. The median price of a new home sold in March was $315,100.<\/p>\n

The region that saw the strongest uptick in new-home sales last month was the Northeast, rising 25.8 percent month over month, followed by a 16.7 percent gain in the West and a 1.6 percent increase in the South. The Midwest was the only major region of the U.S. to see a drop in sales, falling 4.5 percent month over month.<\/p>\n

“This month’s increase in new-home sales is aligned with solid builder confidence and shows that the spring homebuying season is off to a strong start,” says Granger MacDonald, NAHB chairman. “However, builders are concerned that ongoing increases in building material<\/a> costs will hurt housing<\/a> affordability.”<\/p>\n

MacDonald says the association is concerned about an announcement this week from the U.S. Commerce Department proposing a 20 percent countervailing duty on Canadian lumber imports. Thirty-three percent of the lumber used in the U.S. last year was imported with the bulk of it coming from Canada, the NAHB reports. It takes about 15,000 feet of board to build a standard single-family home. The lumber price increase in the first quarter of this year has added nearly $3,600 to the price of a new home, the NAHB reports.<\/p>\n

Source: National Association of Home Builders<\/em><\/p>\n<\/div>\n

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Sales of newly built single-family homes increased for the third consecutive month, posting a strong showing to the spring selling season, the Commerce Department reported Tuesday. Single-family new-home sales rose 5.8 percent in March to a seasonally adjusted annual rate of 621,000 units. \u201cThe March sales numbers are the second highest on record since the […]<\/p>\n","protected":false},"author":1,"featured_media":3868,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,2890,62,12908,543,215,248,127,557,617,344,258,204,569,41,818,15319],"class_list":["post-3867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-construction","tag-for-sale","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homes","tag-homes-for-sale","tag-house","tag-housing","tag-new-home","tag-new-homes","tag-new-homes-for-sale","tag-property","tag-real","tag-weather"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":8643,"url":"https:\/\/amazingproperty.com.ng\/blog\/new-home-sales-bring-spring-disappointment\/","url_meta":{"origin":3867,"position":0},"title":"New-Home Sales Bring Spring Disappointment","author":"Amazing Property","date":"May 24, 2018","format":false,"excerpt":"Sales of newly built single-family homes fell in April\u2014a time that is usually the bustling springtime\u00a0home buying market. But builders remain upbeat and are quick to point out that\u00a0sales are still near a post-recession high, regardless of the latest drop.\u00a0 Sales of newly built, single-family homes dropped 1.5 percent in\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Regional Nhs Apr18.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/05\/regional_nhs_apr18.png?fit=600%2C247&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/05\/regional_nhs_apr18.png?fit=600%2C247&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/05\/regional_nhs_apr18.png?fit=600%2C247&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":1383,"url":"https:\/\/amazingproperty.com.ng\/blog\/buyers-are-being-drawn-to-new-homes\/","url_meta":{"origin":3867,"position":1},"title":"Buyers Are Being Drawn to New Homes","author":"Amazing Property","date":"February 27, 2017","format":false,"excerpt":"[ad_1] Sales of newly built, single-family homes increased 3.7 percent last month, reaching a seasonally adjusted annual rate of 555,000 units, the Commerce Department reports. \"We can expect further growth in new home sales throughout the year, spurred on by employment gains and a rise in household formations,\" says Robert\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/fb_reg_new_jan17.png?fit=600%2C222&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/fb_reg_new_jan17.png?fit=600%2C222&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/fb_reg_new_jan17.png?fit=600%2C222&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":3914,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-are-curbing-sales\/","url_meta":{"origin":3867,"position":2},"title":"Housing Shortages Are Curbing Sales","author":"Amazing Property","date":"April 27, 2017","format":false,"excerpt":"Pending home sales took a slight dip last month due to a dearth of homes for sale, the National Association of REALTORS\u00ae reported Thursday. The South was the only major region of the U.S. to see an increase in contract signings last month. Read more: Are Your Buyers Getting Frustrated\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6415,"url":"https:\/\/amazingproperty.com.ng\/blog\/new-home-supply-up-but-not-enough\/","url_meta":{"origin":3867,"position":3},"title":"New-Home Supply Up, But Not Enough","author":"Amazing Property","date":"September 27, 2017","format":false,"excerpt":"Sales of newly built single-family homes did little to break out at the end of summer. New-home sales plunged 3.4 percent in August to a seasonally adjusted annual rate of 560,000, the lowest sales reading since December 2016, the Commerce Department reported Tuesday. That's despite the fact that the number\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"regional_nhs_0817.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/regional_nhs_0817.png?fit=620%2C255&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/regional_nhs_0817.png?fit=620%2C255&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/regional_nhs_0817.png?fit=620%2C255&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7271,"url":"https:\/\/amazingproperty.com.ng\/blog\/new-home-sales-surge-to-10-year-high\/","url_meta":{"origin":3867,"position":4},"title":"New-Home Sales Surge to 10-Year High","author":"Amazing Property","date":"November 28, 2017","format":false,"excerpt":"Sales of new single-family homes jumped 6.2 percent in October to a seasonally adjusted annual rate of 685,000 units, the Commerce Department reported Monday. This marks the highest pace for new-home sales since October 2007. \u201cThe October report shows strong sales growth at entry-level price points,\u201d\u00a0says Granger MacDonald, chairman of\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Regional Nhs Oct17.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_nhs_oct17.png?fit=600%2C247&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_nhs_oct17.png?fit=600%2C247&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_nhs_oct17.png?fit=600%2C247&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":4066,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-prices-grow-twice-as-fast-as-incomes\/","url_meta":{"origin":3867,"position":5},"title":"Home Prices Grow Twice as Fast as Incomes","author":"Amazing Property","date":"May 1, 2017","format":false,"excerpt":"Strong buyer demand this spring is pushing home prices up at double the rate of increase in income growth, The Wall Street Journal reports. 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