The National Association Home Builders reported new single-family home sales hit a seasonally adjusted rate of 1.01 million, an increase of 4.8% over the July 965,000 number. This is the strongest adjusted annual rate since September of 2006.
New home sales based upon the current report are estimated to be 14.9% higher for the first eight months of 2020 as compared with the first eight months of 2019, the NAHB reported.
The number of homes ready to occupy was reported to be 54,000 nationwide. This represents a decline of nearly 40% year-over-year with inventory down to 282,000.
The number of sales of homes not yet started has also increased by 69% as compared with 2019 year-oover-year. The number of ready-to-occupy homes is down proportionately by 33% year-over-year, which is reflective of the contraction of homes available for sale of existing properties.
New home sales year-to-date have increased 24% in both the Northeast and the Midwest. Shortages of lumber and a skilled labor continue to hamstring builders’ ability to satisfy demand.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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