A Ray of Hope
A little bit of good news. New home sales across the country increased 2.7% in september. It’s too early to say if this is a trend, but it is good to see positive news. Overall new home sales had been down 33% for the year. Builders have been making some progress in moving out the excess in inventories. Builders here in Houston have been sending out emails offering incentives to Realtors to show the new homes to their buyers as an attempt to clear out inventories.
The National Assn of Home Builders is still encouraging our governmental leaders to provide another economic stimulus package to further spur home buying and reduce any further decline in the housing market. They beleive that the steep decline in new home sales should improve in early 2009. That would be good news for the resale market as well. When new home prices go up, the value of the nearby resale market also goes up.
Filed under: Buying, Home Sales, Selling by Dwight's Real Estate Update