Sales of New Housing Soared in May
Jul. 28, 2014
According to a recent article from the Los Angeles Times, new home sales were soaring during the spring selling season, rising 18.6 percent from April to May. Western states saw a month-over-month increase of 34 percent, and all regions saw their rate of new home sales increase. The Commerce Department reported a total of 504,000 units sold in the country through May, which is 16.9 percent more than the number seen in May of 2013.
Economists say that the numbers beat expectations and that they’re a sign that the housing markets are heating up once again, the article stated. The market had slowed in late 2013 as prices increased along with mortgage rates. Inventory of new homes in May fell to a 4.5 month supply, meaning that — if they continued at the same pace — there would be no more new homes to buy in 4.5 months. April’s inventory was a 5.3 month supply.
It was a great spring for Brandywine Homes and the buyers of the new homes in Estates Pasadena, our infill development in historic Pasadena. All twelve of the four to five bedroom residences for sale in the community sold. And they sold quickly — within just three weeks. The homes, all ranging in size from about 2,900 to 3,500 square feet, featured gourmet kitchens, luxurious master suites, open floor plans and plenty of eco-friendly features. They were priced at between $1.3 and $1.7 million.
Now is a great time to purchase new housing, and though we sold our residences in Estates Pasadena, we have plenty of gorgeous new homes in great communities across Southern California. For more information,contact us.
