Sales of new homes are picking up pace.
Data from the U.S. Census Bureau and the Department of Housing and Urban Development show that for the first time since November 2006, the sales of new homes surpassed 1 million units.
The pace of homes sales over the last three months reached an average of 939,000, which is an indicator of high homebuilder confidence and higher buyer traffic.
Historically, low interest rates and increasing demand for lower-density markets are two key factors.
The supply of homes is also shrinking. In August, there were about 282,000 new homes for sale, representing 3.3 months of supply. That’s down from four months of supply in the month prior.
Despite the less-than-ideal number of homes for sale, prices slid in back-to-back months, according to Wells Fargo.
More construction of new homes is expected, providing relief to the tightening availability of homes.
Today’s market presents families with a golden opportunity to own a home.
Low interest rates, renewed builder confidence and strong demand mean future homeowners are in a position to make a move and grow alongside the economy.
Premier Mortgage offers a variety of loan mortgage products that are designed with buyers in mind.
Our loan professionals are also passionate about what they do and will provide education and explain the complexities of home financing in an approachable way.
There’s a program to meet every need.
FHA loans, for instance, are available for single and multifamily homes and are backed by the Federal Housing Administration. This affiliation means applicants can get a loan with modest credit score and down payment requirements.
VA loans work in a similar fashion and are available to active or retired military personnel. Borrowers will not have to worry about a down payment and can also enjoy today’s historic interest rates.
If you’re thinking about entering the market, please contact us today to learn more. We are happy to tell you about your options and how we can work together to package a loan program that makes sense for you and allows you to stand out.