The real estate market continues to hit its stride, following months of positives such as rising home values, strong demand and sustained low interest rates.
In August, the market pulled off a stunner. Sales of newly built homes rose 4.8 percent, a 43 percent growth from just a year ago. This accounts for about 1.02 million homes. In fact, sales of newly built homes have been on the rise for six straight months.
The high-performing market has caught analysts off guard. They had just predicted a cooling period, projecting newly home sales to reach about 875,000 in the month of August. At the time of the forecast, available data of July’s sales of newly built home hadn’t yet been upgraded. They eventually rose from 901,000 to 955,000.
As demand increases, home availability is also tightening. There were 282,000 homes available, down from 291,000 in July.
There are many great new home communities in Placer County. If you are interested in purchasing a newly built home in the area, contact us today.