Industry Update- Real Estate and Economy Milestones

Industry Update- Real Estate and Economy Milestones

Posted 11/07/2017

September marked a major milestone for the real estate industry and the U.S. economy as a whole. According to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes rose 18.9 percent to a seasonally adjusted rate of 667,000 units.

September’s uptick represents the highest sales pace increase since October 2007, two months before the Great Recession began. The record-breaking month comes on the heels of a period of “soft” months, which had some experts, like Granger MacDonald, chairman of the National Association of Homebuilders (NAHB), warning builders to “manage rising supply-side costs to meet consumer demand for affordably priced homes.”

However, the year-to-date growth, which is 8.6 percent above the level over the same period last year, reinforces experts’ analysis that there is a growing demand for new home construction, and new home sales are making consistent, long-term gains.

As we round out the year, experts are optimistic 2018 will remain consistent with the conditions of the past few years in which moderate economic growth of around 2 percent, along with solid job gains and low mortgage rates, will persist

Currently, our new home galleries and design studio are open by appointment only and construction jobsites are operating with enhanced work procedures.