2012 has been a great year for the housing market and it has continued to show steady improvement thanks to consistent increases in new home sales, home prices and new home construction. According to CNN, national new home sales rose to the highest level in two years in September. The Census Bureau reported that new homes sold at an annual rate of 389,000 homes in the month of September, up 5.7 percent from the 368,000 sales pace in August. Sales have not been at this pace since April 2010 and then they were being helped by a short-term home buyer’s tax credit.
Multiple reports and analysts point towards a true Real Estate recovery being under way. In addition to home sales, the pace of new home construction hit a four year high in September with the year-over-year sales improvement reaching 27.1 percent.
Several factors have contributed to the housing market recovery. Mortgage rates are near record lows thanks to the Federal Reserve’s decision to buy $40 billion in mortgages to spur greater economic growth. These low rates along with a previously weak sales have led to more affordable housing prices. Recently, home prices have started to rise, which has attracted buyers who were waiting for the bottom. Foreclosures on the market have hit a five-year low, which has also led to further confidence in the housing market recovery.
Central Florida was one of the hardest hit areas when the housing market declined, but we have seen great improvements in the local markets over the past several months. Prices on new homes in Orlando and Tampa have increased, Florida new home construction is up and home sales are steadily rising.
With all this positive news, now is the perfect time to purchase your dream home. At Highland Homes we build Tampa, Orlando, Winter Haven and Lakeland new homes in more than 25 communities throughout Central Florida. Our single-family homes are affordably priced from the low-$100,000s and qualified buyers have the opportunity to move into their new home for only $99 down.
For more information on our beautiful Florida new homes, visit the Highland Homes website today!