(PRWEB) July 29, 2012
Homes.org has released a monthly report that details the June new home sales and starts throughout the United States. The report examines key findings for new home sales in addition to forecasts for what buyers and sellers will likely see in the months to come based on the market activity in June.
The June New Home Sales Report held mixed news while the New Housing Starts report suggests that home building is definitely moving in the right direction. Overall, the numbers for the year show promise even though some figures month-over-month are down.
Key Findings in the June 2012 New Home Sales and Starts Reports include:
- Annual rate of new home sales was 350,000 in June
- 8.4% less new homes sold compared to May
- Year to date the number of new homes sold is 15.1% higher than 2011
- Inventory was down 144,000 new homes available on the market
- Median New home price was down 3.2% compared to May 2012
- Annual rate for building permits for privately owned housing units was down to 755,000
- Privately owned housing starts annual rate was up to 760,000 in June
- 539,000 – annual rate for single-family housing starts
- Annual rate for privately owned housing completions was up to 622,000
- Annual rate for single-family housing completions was up at 470,000
After May’s two year high for new home sales, things have cooled off significantly. The June annual rate is 15.1% higher than the same time last year, but it’s down 8.4% compared to May. How things are trending for the year is much more important than the month-to-month numbers which can be volatile, so real estate experts stress that the report indicates new home sales are on the rise. Several factors are contributing to the weak June sales including tight mortgage lending and tight inventory levels.
Even as new home sales declined, more building got underway in June than the month before. Housing starts were up 6.9% at an annual rate of 760,000. Housing starts haven’t been that high since October 2008. However, this increase in building may not be sustained. Building permits were down 3.7% in June compared to the month before.
Top Factors Effecting Home Sales
- Tight Inventory Levels
- Tight Lending
- Slow Economic Recovery
To learn more or search for new homes for sale in your area, please visit: Homes.org
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools, home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.