New built homes are now more
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New built homes now more accessible to Homebuyers
Sales of newly constructed homes
jumped 12.3% in September
New construction has been an appealing alternative, attracting determined buyers frustrated by the historically low supply of existing homes. Still, affordability concerns remain.
The seasonally adjusted estimate of new homes for sale at the end of September was 435,000. This represents a supply of 6.9 months at the current sales pace.
The average rate for a 30-year, fixed-rate mortgage was 7.63% last week, according to Freddie Mac, and there are indications it could continue to climb.
There is an ongoing inventory and affordability crunch for First Time Homebuyers that has homeowners with mortgage rates of 3% or 4% reluctant to sell and buy another home at a much higher rate.
By comparison, there were 1.13 million existing homes for sale at the end of September, or the equivalent of 3.4 months’ supply at the current monthly sales pace.
Typically, the ratio of existing homes to new homes has been closer to 5 to 1, but lately it has been closer to 2 to 1, according to the National Association of Realtors.
Discover New Homes with Endless Potential
If you want to avoid common NEW HOME BUYERS mistakes, including builders, then you would like access to only experienced and time proven Realtors, then we can help!
How we may help you best?
"Real Estate knowledge, and experience are the key that unlocks opportunities and empowers my clients to make well-informed decisions."
Sandy Flores
Real Estate Broker
In the world of real estate, trust and loyalty are essential.
My 28 years of experience have been dedicated to earning the trust of clients and fostering loyalty through personalized service, consistent results, and wholehearted commitment to their best interests.
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Sandra M. Flores CADRE Lic.#01122114 - NMLS Lic. #324482
Broker Officer at J.C. & S.M. INC.DBA. Real Estate On Demand & Home Loans On Demand Licensed by California Department of Real Estate Lic. # 01520569 NMLS # 235895
