Economists are indicating the increase in homebuilding will further improvements in the housing market and spike the already-ramped-up pace of new-home sales.
JUPITER, Fla. (PRWEB) January 11, 2013
The Commerce Department issued good news recently when it reported the median sales price of a new home in the United States made a year-over-year gain in November of 2012, the latest month for which figures are available.
According to the Commerce Department, the median sales price of a new home rose to an estimated $246,000, which represents a respectable 14.9-percent increase.
Not only are real-estate agents at Waterfront Properties and Club Communities happy with the optimistic outlook, they also are applauding additional good news from the National Association of Realtors. The National Association of Realtors said the housing market experienced a “huge” increase in transactions of luxury real estate in South Florida, as well as across the nation.
Sales of higher-end homes, generally defined as those with price tags of $750,000 or more, jumped by more than half between November of 2011, and November of 2012, according to the National Association of Realtors. The market shift toward higher-end homes is attributable to two things, said Lawrence Yun, the National Association of Realtors’ chief economist. First, more homebuyers are opting to move up and own larger and more-expensive pieces of property. Second, investors are shying away from so-called “distressed” properties and are targeting higher-quality homes on which to spend their dollars.
Economists are indicating the increase in homebuilding will further improvements in the housing market and spike the already-ramped-up pace of new-home sales. New-home sales in such South Florida communities as Old Palm Golf Club and Frenchman’s Harbour are reflecting that trend.
Old Palm Golf Club is a pristine collection of estate-inspired homes in Palm Beach Gardens built along a Raymond Floyd-designed golf course, and Frenchman’s Harbour in North Palm Beach is a waterfront community just south of Donald Ross Road.
For information about either development, call Waterfront Properties at 561-746-7272.