Thursday, June 3, 2010

New Home Sales Rose in April

According to data released by the U.S. Commerce Department, sales of newly built, single-family homes surged 14.8% to a seasonally adjusted annual rate of 504,000 units in April 2010.  This was the strongest level of new-home buying activity since May 2008.

“The surge of buying activity we have seen in the final two months of the tax credit program has been very encouraging, and has helped builders work down their standing inventories to near historic lows,” said NAHB (National Association of Home Builders) Chief Economist David Crowe. “It stands to reason that this activity will level off over the next few months, as sales that would have occurred during that time were likely pulled forward to meet the April deadline. That said, today’s favorable home buying conditions, the recovering job market and reviving consumer confidence should help take the place of tax incentives to generate buyer demand.”
The nationwide inventory of new homes on the market fell 5.8% to 212,000 units in April, its slimmest measure since October of 1968. Meanwhile, the month’s supply at the current sales pace declined from 6.2 in March to a modest 5.0 in April, the lowest since November of 2005.
Interested in a new home in Mercer County?  How about Burlington, or Middlesex, or Monmouth Counties?  Call or email - I can help you find a good builder and the best buyer incentives for a New Jersey new home.
Joe Giancarli, Sales Associate

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