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Home Prices and Sales Continue to Improve in June
|While some recent homebuyers have been purchasing foreclosures for their deeply discounted prices, a new report shows many prospective buyers opt for new properties that don't need any repairs or renovations before being move-in ready.
Thrusday, August 23rd, 2012
While some recent homebuyers have been purchasing foreclosures for their deeply discounted prices, a new report shows many prospective buyers opt for new properties that don't need any repairs or renovations before being move-in ready.
A joint report from the U.S. Department of Housing and Urban Development and Census Bureau reveals sales of new single-family houses were at a seasonally adjusted annual rate of 350,000 in June. It is 15.1 percent greater than the pace of 304,000 this time last year.
Many delinquent properties sit on the market unattended and unmaintained for extended periods of time and require major renovations before the new buyers can move in. While they are priced significantly lower than many new homes, homeowners may have to spend a lot on repairs. Replacing outdated systems including heating and cooling, plumbing and electricity also add up quickly, but new homes won't need these fixes.
Recent record-low mortgage rates likely prompted some prospective buyers to purchase more new homes, as doing so is more affordable than ever.
The median sales price of new houses sold was $232,600 and the average was $273,900.
In the South, an annual pace of 181,000 new homes sold in June, compared to the 170,000 sold in June 2011. Around 35 percent of properties sold in June were priced between $200,000 and $299,000, paralleling the national median and average.
National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.