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Get Out Your Checkbooks: Why It’s a Good Time to Buy New Homes

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As prices on brand-new homes dipped in July (unlike the soaring temperatures), buyers raced to snap them up at a breakneck pace.

Sales of the never-been-lived-in homes shot up 7.5% from June to July, with owners picking up the keys to about 57,000 newly built residences, according to the U.S. Department of Commerce’s monthly residential construction report. That’s the most sales since October 2007, when the same number of residences went under contract. Annually, sales of the brand-new abodes were up a whopping 32.6% compared with the previous July.

The numbers were not seasonally adjusted. That means they weren’t smoothed out over 12 months to account for the ups and downs of the housing market.

The spike in sales isn’t unexpected as aspiring homeowners, frustrated by the lack of both new and existing residences on the market, have been demanding more abodes go up for sale.

“With lower mortgage rates, we’ve ended up in the sweet spot that if you have good credit and enough money for a down payment, it remains very affordable to buy a home,” says Jonathan Smoke, realtor.com®‘s chief economist. “New-home prices are coming down, and that’s key to growth in new-home sales.”

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Testimonial

Local knowledge: ★★★★★ Process expertise: ★★★★★ Responsiveness: ★★★★★ Negotiation skills: ★★★★★ This team is awesome! Julie patiently worked with my sister in town, and me, out of town. This involved a considerable amount of emailing, phone calls and duplicated work. She tirelessly took my phone calls at all hours. Also, she was available on weekends. Julie, our main realtor,

lacyca2003 Sold a home in 2014 in Montalvo, Ventura, CA 93003.

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The Lockwood Team has represented buyers and sellers on over 175 properties in Walteria and Victoria Knolls alone. The Lockwood Team are proud Sponsors of the Annual National Night Out Walteria Block Party, which promotes the neighborhood watch and sense of community. It is the biggest block party in Torrance. Each transaction supports the Children’s Miracle Network and children in our South Torrance Schools.

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