"Despite a low inventory, buyers are busy, and that's exactly what we need to see right now."
(PRWEB) May 01, 2013
Realtypin.com -- a website that analyzes the latest real estate news and developments -- has spotted a trend that could give the nation's housing market a big boost. The experts at Realtypin.com are focused on the latest new home sales numbers that were just released, and they're happy with what they're seeing.
According to statistics from the Commerce Department, the number of new single-family homes sold jumped 1.5% in March. The seasonally-adjusted rate of 417,000 units is 18.5% higher than it was in March 2012.
"This is proof that people want to buy homes, and that they want to take the nation's housing recovery going to another level," said James Paffrath, the co-owner of Realtypin.com. "Despite a low inventory, buyers are busy, and that's exactly what we need to see right now."
Speaking of the nation's housing inventory, all of these brand new homes are adding to it. Even though inventory has been hovering near record-lows in most parts of the country, the number of new homes to hit the market went up 2% in March. Right now, America's housing inventory is 4.4 months -- meaning that it would take 4.4 months to sell everything that's currently for sale. A healthy inventory is generally considered to be 6 months.
"Even though we're still low inventory-wise, the housing market is making strides in the right direction. Builders wouldn't be building if it weren't," said Paffrath.
One reason why the experts at Realtypin.com are so happy right now is the difference between March and February. February's statistics showed a 7.6% decrease in the number of new homes sold. Paffrath says March's upswing could not have come at a better time.
"We've been watching the housing market make baby steps for months," explained Paffrath. "So, to see a drop in February was disheartening. Now, however, we know that was just a hiccup."
To read more housing market news and analysis, log onto http://realtypin.com.