Industry Update: March 2016Posted 03/25/2016
Great public schools, beautiful master-planned communities, expansive parks and friendly neighbors. What’s not to like about the suburbs? Maybe that’s why the dream of owning a single-family home in suburbia is still alive and well, as new data suggests.
According to the National Association of Realtors’ (NAR) new quarterly Housing Opportunities and Market Experience (HOME) survey, more than three-quarters of surveyed households would purchase a single-family home in the suburbs if they were to buy in the next six months, and 79 percent of renters would choose to buy outside of an urban area.
Lawrence Yun, NAR chief economist, says that the overwhelming preference for single-family homes in suburban areas is a reflection of homebuyers’ desires to live in larger homes located on the edges of town where they still have easy access to the jobs and entertainment provided by urban areas.
The survey also revealed an astounding three-quarters of households agreeing that right now is a good time to buy a home. Yun warns that these survey results call attention to the glaring need for more supply of single-family homes. Fortunately, single-family home production increased 7.2 percent to 822,000 units in February – its highest level since November of 2007 – according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.
And, according to NAHB Chief Economist David Crowe, production should continue to experience further growth as the U.S. economy firms, job creation continues and mortgage interest rates remain low.
For Maracay Homes, the high demand for single-family homes in suburban areas clearly is evidenced by the success of communities like its Victory at Verrado active adult enclave in Buckeye and two new neighborhoods at Morrison Ranch in Gilbert, Artisan and Marquis. The popularity of these neighborhoods – like all of Maracay Homes’ communities — showcase just how much people desire to live outside the hustle and bustle of the city, while still having easy access to big-city amenities.
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