The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.4% over last year.
More inventory means more options. Lawrence Yun, NAR’s Chief Economist, explained this is good news for the housing market – especially for those looking to buy:
“This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”
More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:
With an increase in competition, the seller may not enjoy these same benefits. As Chief Economist Nela Richardson, added:
“Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet the buyers and see the demand firsthand.”
If you are considering selling your house, you’ll want to beat this new competition to market to ensure you get the most attention for your listing and the best price.
Powered by WPeMatico
The Difference an Hour Will Make This Spring [INFOGRAPHIC]
A New Housing Bubble Forming…Not Before 2024!
Home Prices: The Difference 5 Years Makes
Housing Market Expected To “Spring Forward” This Year
4 Reasons to Sell This Spring [INFOGRAPHIC]
Are Home Values Really Overinflated?
It’s Tax Season… Use Your Refund to Jump Start Your Down Payment Savings!
Is Now a Good Time to Rent?