From inventory to prices, the report was full of promising news.
Existing-home sales were up strongly in August, surging 7.8% on a monthly basis to a seasonally adjusted annual rate of 4.82 million units, according to data released today by the National Association of Realtors (NAR). Year-over-year, sales were up 9.3%.
Single-family homes were up 8.0%, while condo and co-op sales gained 6.1%, and improvement was seen in all regions.
The reading was the best seen since May 2010, when numbers were still being influenced by the home buyer tax credit. Even beyond sales, August's report had plenty of other good news as well: Inventory was down—slipping to a 6.1 months’ supply—and prices were up dramatically. Among single-family homes, the average and median prices increased 7.5% and 10.2%, respectively, compared to year-ago levels.
New-home construction activity was also up in August for the single-family market according to data released today by the U.S. Census Bureau. Single-family permits ticked up 0.2% to a rate of 512,000—the highest level seen since March 2010.
Housing starts improved 2.3% to an annual rate of 750,000, thanks to single-family activity, which was up 5.5%.
All this great housing market news further emphasizes that now is great time to build a new home, and the opportunity wont last long, as the housing market continues to improve the prices will begin to climb again.
At Comito Building and Design, we build custom homes with our unique design-build approach, that begins with our team designing a home that perfectly suits your homesite and budget. If you are interested in obtaining additional information on the custom home building process or any of our Colorado Springs luxury home sites call us at 719.219.5421 or visit us online at Comito Building and Design.