More New Construction
New-home sales are up 15.3% over the past year, hitting an annual rate of 377,000 in November, according to Census Bureau data. Buyers will welcome new homes with the supply of turn-key homes low.
Price increases are new homes faster than existing, with $246,200 as the median price of a new home in the U.S. for November. This is a 15% increase from the previous year. As supply of new homes increases the prices may go down.
Homes Are Slightly More Expensive
The economy appears to be improving slowly with low interest rates demand has increased slightly. A decreasing supply has raised prices a bit. According to the National Association of Realtors, November was the ninth consecutive month of home-price increases.