New Homes Sales Surge In February Especially In The South And Naples

New Homes Sales Surge In February Especially In The South And Naples

Sales of new U.S. homes in February climbed to their fastest pace in seven years, as an otherwise dormant housing market showed fresh signs of life.

The Commerce Department said Tuesday that new-home sales shot up 7.8 percent last month to a seasonally adjusted annual rate of 539,000, the strongest performance since February 2008. January sales were revised up nearly 4 percent to a rate of 500,000.

Other parts of the housing market have struggled since 2015 got off to a frigid start, despite historically low mortgage rates and a sharp, yearlong upswing in hiring. The shift upward in purchases of newly built homes may suggest that the job growth is spilling over to other parts of the economy.

"The housing market remains in recovery mode and that activity for the rest of the year is likely to improve at a modest, albeit choppy, pace," said Blerina Uruçi, an analyst at the bank Barclays.

The strong increase came from the South and, surprisingly, the Northeast, which was hammered by snowstorms last month. Buying fell in the Midwest and West last month. The median sales price rose 2.6 percent since February 2014 to $275,500.

Still, fierce winter weather has led builders to pull back on the pace of single-family housing starts and shutter construction sites. And sales of existing homes in the first two months of 2015 are running behind the already weak pace set last year, according to the National Association of Realtors.

Housing starts plummeted a seasonally adjusted 17 percent last month from January, with the biggest drops coming in the snowbound Northeast and Midwest, the Commerce Department reported last week.

The surge in the new-home sales and slowdown of new builds, along with continued low interest rates, has created a bit of a bidding war for a number of properties making it all the more important to move quickly when identifying properties matching your wishlist. Let me help you work through the nuances of the current marketplace in order to make your dream a reality. Call me at 239-273-4006 or email me at Fay@MoveToNaplesNow.com. You can also visit my website at Fay.move2naplesnow.com and learn about my Special Fly and Buy Travel Incentive Program. Fay Mlinarich, PA., Premiere Plus Realty.Image title



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Dated: March 30th 2015
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