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Purveyor

(29,876 posts)
Wed Mar 23, 2016, 05:01 PM Mar 2016

Sales of New Homes in U.S. Rebounded in February on Jump in West

Source: Bloomberg

March 23, 2016 — 10:00 AM EDT Updated on March 23, 2016 — 10:23 AM EDT

Purchases of new homes climbed in February for the fourth time in the last five months as demand snapped back in the western U.S.

Sales increased 2 percent to a 512,000 annualized pace following a 502,000 rate in January that was stronger than previously reported, Commerce Department figures showed Wednesday. Demand is in line with last year’s pace, indicating residential construction will remain a source of support for the economy.

Low mortgage rates and a labor market that’s added almost a quarter of a million workers a month on average over the last two years is giving Americans the confidence and means to buy a home. Increased availability of entry-level properties would help persuade lower-income and first-time buyers to move off the sidelines and give the industry an added boost.

“Job growth is solid, income growth is starting to pick up, mortgage rates are still amazing low and underlying demographics are pretty positive for housing,” said David Berson, chief economist at Nationwide Insurance in Columbus, Ohio. “The underlying trend in housing is up.”



Read more: http://www.bloomberg.com/news/articles/2016-03-23/sales-of-new-homes-in-u-s-rebounded-in-february-on-jump-in-west

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Sales of New Homes in U.S. Rebounded in February on Jump in West (Original Post) Purveyor Mar 2016 OP
In our development in CA there is a waiting list to purchase one of the new homes. upaloopa Mar 2016 #1
If people are smart they'll sell oceanfront property now truthisfreedom Mar 2016 #2
Good observation. nt Jitter65 Mar 2016 #3
And yet, sense Mar 2016 #4
Prices are definitely on the rise pscot Mar 2016 #5
I wonder PasadenaTrudy Mar 2016 #6

truthisfreedom

(23,113 posts)
2. If people are smart they'll sell oceanfront property now
Wed Mar 23, 2016, 05:04 PM
Mar 2016

Because based on the rate of change in global warming models it's going to hell soon.

sense

(1,219 posts)
4. And yet,
Wed Mar 23, 2016, 05:42 PM
Mar 2016

Seattle real estate is hopping. So many selling for more than the listing price. Makes no sense.

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