Thursday, August 19, 2010

New Jersey Home Builders Cautiously Optimistic

As nationwide housing starts inched up 1.7% to a seasonally adjusted annual rate of 546,000 units in July, from a downwardly revised figure in the previous month, home builders nationwide are holding their breath.  According to U.S. Commerce Department, all new home construction gains occurred entirely on the multi-family side, with single-family housing production falling 4.2% to 432,000 units.

"Right now the housing market is essentially in a holding pattern," acknowledged NAHB Chief Economist David Crowe. "As our latest member surveys have indicated, builders are seeing greater hesitancy among potential home buyers who are uncertain about what's in store for the economy and jobs going forward. That said, favorable home buying conditions including historically low mortgage rates and low house prices should help spur additional demand as the job market gradually improves later this year."

Two regions registered improved starts activity in July, with the Northeast and Midwest each posting double-digit gains, of 30.5% and 10.7%, respectively.

New Jersey home builders are ready to move their inventory.  Contact me to find out what bargains and buyer incentives you can negotiate for a new home in Mercer County.

Joe Giancarli, SA
Real Estate Advisor

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