Real Estate News

• There is FINALLY more demand for New Construction Homes

  This article on CNN Money shows evidence that in most US markets, there is actually starting be demand for new construction homes again. There isn’t necessarily more buyers than there has been the past four years, but the huge oversupply of real estate inventory has finally declined.

  tags: new construction, home building, housing

  • Metrostudy keeps a constant watch over two-thirds of the housing construction in America for its clients, chiefly America’s top homebuilders. So to learn if his latest numbers point to the robust recovery we’ve long awaited

  • in March — new home sales rose 18.7% over March of 2009

  • research shows two major forces shaping the housing market: one favorable, the other sobering. The combination points to a market bumping along at a steady but plodding pace.

  • On the positive side, Castleman says that the burden that wrecked the market, the excess inventory of both finished homes and houses under construction, has finally evaporated

  • The negative is that the gains didn’t come from what the market needs most: a resurgence in sales showing that Americans are getting optimistic and hence more willing to buy homes again.

  • "Sales simply stopped dropping after they hit an extremely low level," says Castleman. "This is no comeback.

  • The improvement, he adds, comes from a drop in housing production that’s even deeper than the staggering drop in sales.

  • For the first time in four dismal years, demand for new homes is outstripping supply. So builders are increasing their production, with strong confidence the houses will sell.

  • homebuilding has been so weak, for so long, that a few markets are even suffering from shortages.

Posted from Diigo. The rest of my favorite links are here.