Florida new homes prices set to increase!
Florida new homes prices are set to increase if you’ve been thinking about buying a home in Florida, this is the perfect time to start your new construction search. There are plenty of new options coming up just a few miles from Walt Disney World – Orlando, don’t miss this opportunity!
WASHINGTON – Nov. 3, 2014
The gap between the more-expensive median price of new residences and existing homes has surpassed $70,000 for most of the economic recovery – the widest spread since the National Association of Realtors and the Commerce Department began tracking the data in 1968.
“Builders are making a conscious decision to sell fewer homes at higher prices than to sell more homes at lower prices,” says Zillow chief economist Stan Humphries.
Builders have placed considerable emphasis on erecting larger houses due to demand trends, as wealthier buyers have been the most active segment in recent years. At the same time, entry-level buyers largely have been kept out of the market due to factors such as student loan debt, tighter underwriting and sluggish wage growth.
Largely because of this trend, the median price of new homes rose by 24 percent from 2009 to last year, outpacing the 14.7 percent gain in the median price of resale homes during that same time.
Sales of new homes climbed just 1.7 percent in the first nine months of this year from the same period a year ago. By comparison, sales soared 16.6 percent in 2013 from the year before.
Source: Wall Street Journal (10/24/14) Hudson, Kris
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With a growing number of developers bringing new communities on line Florida New Homes sales are growing and the time for investing in new construction is now. Call or e-mail today and ask to speak to one of our new home specialists – we look forward to being of service.