Purchases of new homes in the US are surging, with May seeing the highest levels of new-home sales since 2008. The adjusted annual rate of the sales of new homes is up to 546,000, the strongest it has been in the last seven years. This shows not only a great increase in new-home sales, but also a healthy and strong rate in sales overall, which is also a positive sign for the future of new-home sales. With these new sales means a dwindling in the supply of new-homes available to buyers. However, builders recognize this new demand and the Commerce Department has reported increases in building as well. It reports that approved building permits rose 11.8 percent to an annual rate of 1.28 million, which is the highest rate seen since August 2007. These increasing rates of both new home sales and building projects signify again that the US economy is at one of its strongest points in the last decade.

Sales of existing homes are at a peak as well from the last seven years. According to the National Association of Realtors, in May, sales of existing homes increased 5.1% to a rate of 5.35 million. Increased demand and therefore decreased supply, have also led to a lift in prices of current real estate. Prices climbed 7.9% in the last year to an average of $228,700. With low mortgage rates, a jump in employment rate, and low borrowing costs, now is definitely the time to purchase a new home. With waiting will not only come more increases in prices, but borrowing costs are historically low right now yet predicted to rise in coming weeks.

RE/MAX Paradise offers both residential and commercial real estate for sale to you right now in the Miami-Dade are. Do not miss out on a prime time to take action in the real estate market, and contact a RE/MAX Paradise agent today.