Home | Newsletter | Advertise
loading...

New Home Sales at Highest Level in Seven Years

  • March 24, 2015

by Lark Turner

New Home Sales at Highest Level in Seven Years: Figure 1
New construction in Logan Circle that sold in February.

New home sales reached their highest level in seven years in February, according to the U.S. Census Bureau and the Department of Housing and Urban Development, hitting an annual rate of 539,000. That’s up from 500,000 in January and represents growth of nearly 25 percent over last February’s figure of 432,000.

New home builders told The Wall Street Journal that the uptick was likely related to buyers who were increasingly financially secure as well as persisting low interest rates.

“There’s evidence that buyers who had been forestalling or delaying their decision are now comfortable enough to buy,” John Johnson, who heads David Weekley Homes, told WSJ. “And there’s some awareness that interest rates aren’t going to stay down forever.”

But despite population gains, the rates aren’t in line with pre-housing boom figures, CNBC notes. In 2000, homes were being built at a pace of 880,000 annually. Noting that, CNBC attributed the increasing figures to healthy demand rather than a market for increased supply.

See other articles related to: us census, new home sales, hud

This article originally published at https://dc.urbanturf.com/articles/blog/new_home_sales_at_highest_level_in_seven_years/9680

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse