New Home Sales at Highest Level in Seven Years

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 http://dc.urbanturf.com/articles/blog/new_home_sales_at_highest_level_in_seven_years/9680
Most Popular... This Week • Last 30 Days • Ever

When Johnsie Walsh rented a unit in her Stanton Park apartment building, she had no i... read »

The draft environmental impact statement for the transportation project expected to g... read »

An analysis by UrbanTurf found that there were 15 neighborhoods in DC where the media... read »

The project is the first Rosslyn high-rise that will include affordable units.... read »

Tysons Corner also comes in tenth nationwide in number of apartments built since 2016... read »
- Obama, The Tenant: A Chat With The President's DC Landlord
- 300 MPH, 18 Million Riders: How the Maglev Might Impact Traffic and Transit in the DC Area
- DC Has Its Most Million-Dollar Neighborhoods on Record
- Arlington County Approves 740-Apartment Ames Center Site Redevelopment
- 2,562 New Units: Tysons Tops DC Suburbs in Apartments Built
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
Unique Spaces
Awesome and unusual real estate from across the DC Metro