Real Estate Sales:
New Home Sales On The Rise
As Real Estate Sales Rebound In General, New Home Sales Are Also On The Upswing
A new report on real estate sales from the consulting firm of John Burns Real Estaqte Consulting shows that new home sales are also on the rise. The Irvine firm reports a 25% increase over this time last year and that new home sales now make up about 8% of the areas real estate sales.
Read about it here, in this report from Alejandro Lazo of the Los Angeles Times:
Alejandro Lazo - "The economists at the Irvine firm (John Burns Real Estate Consulting) highlight 25% growth in year-over-year new home sales, and an increase of 36% from the bottom, which was reached in 2011. The firm's data show that new home sales currently account for about 8% of the market, up from a low of 5% during the bust and down from about 16% during the heady days of the bubble." ...Los Angeles Times
Real Estate Sales: New Home Sales Constrained By Some Factors
The report also states that new home sales could be somewhat constrained right now because of several factors. Among those are the lack of distressed sales (foreclosures and short sales) in the area market right now as banks are fairly reluctant to foreclose, and the lack of many good, inexpensive development properties on the market. These are factors that will adjust as the market shakes itself out.
Real Estate Sales.