The amount of new-home sales increased nearly 25% during the month of February compared to last
year’s records, and this growth is largely due to an increase in the production of homes. In the past few months buyers have been hitting dead ends on their search for a new home given the nationwide shortage of inventory. Recently however, builders have been responding to this spike in demand with an increase in the production of new homes, much to the relief of eager buyers. As a result new-home sales jumped up 7.8% from February to January this year, and increased almost 25% since this time last year.
This increase in inventory is good for homebuyers for a few different reasons. Firstly, there are more
properties available for them to choose from so people have a better chance of finding the perfect home for their specific needs and taste. Additionally, the shortage caused home prices to skyrocket given the unbalanced relationship between supply and demand, so now that the supply is catching up the prices will fall in response. Ultimately this increase in the number of homes and therefore the number of sales leads to an altogether healthier market, so all in all everyone stands to benefit from this shift.
With more properties on the market and prices getting lower, now is the perfect time to invest in the home of your dreams. If you would like to check out all the amazing real estate available down in sunny South Florida then contact a RE/MAX agent today, and they would be happy to help you on your search to find the perfect residential or commercial property.