{"id":3688,"date":"2012-09-28T14:27:14","date_gmt":"2012-09-28T14:27:14","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=3688"},"modified":"2012-09-28T14:27:14","modified_gmt":"2012-09-28T14:27:14","slug":"new-home-prices-soar-to-5-year-high","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/new-home-prices-soar-to-5-year-high\/","title":{"rendered":"New Home Prices Soar to 5-Year High"},"content":{"rendered":"

New Home Prices Soar to 5-Year High<\/h2>\n
\"New<\/a>

New Home Prices Soar to 5-Year High<\/p><\/div>\n

The median price of a new home<\/strong> rose a record-breaking 11.2 percent in August, reaching $256,000. That marks the highest level since March 2007, the U.S. Census Bureau reported Wednesday.<\/p>\n

The prices of a new home<\/em> in August soared 17 percent compared to last year at this time.<\/p>\n

The number of new homes that sold in higher price ranges \u2014 $400,000 or more \u2014 rose significantly in August.<\/p>\n

“This reflects the fact that people who are able to buy a\u00a0new home<\/span> right now are those in higher-income ranges who have cash and equity on hand, while first-time buyers are having a tougher time getting qualified for a mortgage,” says David Crowe, the National Association of Home Builders\u2019 chief economist.<\/p>\n

As prices rose, inventories for a\u00a0new home in August remained at record lows. It would take 4.5 months to clear the houses on the market at August\u2019s sales pace, the Census Bureau reported.<\/h3>\n

Single-family\u00a0new home sales mostly held steady in August, remaining at two-year highs. Sales slipped 0.3 percent to a seasonally adjusted annual rate of 373,000.<\/p>\n

On a regional basis, new-home sales in August soared 20 percent in the Northeast, 1.8 percent in the Midwest, and 0.9 percent in the West. New-home sales declined 4.9 percent in the South in August.<\/p>\n

“New home sales in August effectively tied the pace they set in the previous month, when they were the strongest we’ve seen in more than two years \u2014 so this is really a continuation of the good news we’ve been getting on the housing front,” says Barry Rutenberg, NAHB chairman. “Looking at the big picture, sales have been trending gradually upward since the middle of last year as favorable interest rates and prices have driven more consumers to get back in the market for a newly built home.”<\/p>\n

Source: \u201cNew Home Sales Ease, But Prices Hit 5-Year High<\/a>,\u201d Reuters (Sept. 26, 2012) and the National Association of Home Builders<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

New Home Prices Soar to 5-Year High The median price of a new home rose a record-breaking 11.2 percent in August, reaching $256,000. That marks the highest level since March 2007, the U.S. Census Bureau reported Wednesday. The prices of a new home in August soared 17 percent compared to last year at this time. … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-3688","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nNew Home Prices Soar to 5-Year High - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"description\" content=\"New Home Prices Soar to 5-Year High. 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