As the market has cooled due to higher costs, July recorded a slight gain of 1% for sales of newly-constructed single family homes, according to estimates from the Census Bureau and HUD. The July seasonally adjusted annual rate (708K) was 27% lower than a year ago, due to builders slowing sales as a consequence of higher material and other costs and declining availability of labor, material and lots. Higher prices have also affected housing affordability, with new home prices up on a median basis by more than 18%. As we expected last month, there was an upward revision for the June sales estimate.
Despite higher prices, residential demand continues to be supported by low interest rates, a consumer focus on the importance of housing, and solid demand in lower-density markets like suburbs and exurbs. However, higher building costs, longer delivery times, and general unpredictability in the residential construction supply-chain are having measurable impacts on new home prices. In July, the median price of a newly-built home was 18% higher than a year ago, at $390,500. Read more on Eyeonhousing.org
Homebuilders invest a lot of time, energy and resources to get potential home buyers to their new home communities but sometimes it’s hard to know where to spend your advertising dollars for the most effective return. When advertising you need to cover all the bases with the new social media marketing and traditional marketing but you can add the winning edge to your marketing efforts with quality directional signs from Accurate Sign Placement. You have many buyers out looking for new homes but with traditional GPS and maps the new street names may not be available. Accurate Sign Placement will produce quality directional signs to direct the home buyers directly to your sales center.
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