Supply and demand. It’s the universal law of economics and for the last few years it’s been the driving force behind the U.S. real estate market. The demand for housing has surpassed the inventory which is sending builders into a frenzy attempting to keep up. Buyers out there who had their heart set on an existing home have been left with little choice forcing them to rethink their strategy, which has changed the real estate landscape.
A report from the US Census Bureau and Department of Housing and Urban Development displays how new home sales in July were 31% higher than a year ago, and 12.4% higher than last month. This surge is the highest since October 2007 and has hit their highest mark in over 9 years.
If you’re in the market, you’ll likely have no choice but to consider new construction which isn’t a bad thing. There are lots of fantastic builders out there who are producing high quality homes at affordable rates.
If you are looking to buy your dream home or sell your current home, contact me today at 949.303.9532 or email me at email@example.com so that I can assist you with all of your real estate needs.