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New Homes Sales Gain in June, But Gains Are Relative

New Home Supply June 2009 - June 2010

After a down month in May, the sales of newly-built homes appears back on track.

As published by the Census Bureau, June’s New Home Sales report showed:

  1. A 24 percent sales volume increase from the month prior
  2. A 2-month drop in the supply of newly-built home

There are now just 210,000 new homes for sale nationwide.

June’s data is a major improvement over May, but it’s possible that the true “new home market” may be softer than the statistics suggest.  This is for several reasons.

First, we’re comparing June’s sales data to the worst month in New Home Sales history.

In May, sales of new homes totaled just 267,000 units nationwide. That’s one-quarter fewer sales than in the previous worst month in New Home Sales history. May’s sales levels were awful by any measure but June’s improvement to 330,000 units remains second-worst sales levels ever posted.

Second, although much improved, June’s new home supply of 7.6 months is elevated versus the historical norm near 6.0 months.  The last year has averaged 7.7 months.

For buyers of new homes in Corpus Christi , this combination of low sales volume and higher-than-normal inventory may be a positive.  It’s the main reason why homebuilder confidence is reeling and the downturn has opened some doors for big discounts and deals. Free upgrades and closing cost credits can make a well-priced home even more attractive.

Plus, with mortgage rates at all-time lows and expected to rise, home affordability is may never be better.

Posted in: Housing Analysis Tagged: New Home Sales,New Home Supply,Census Bureau

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Julie Woodward, Broker/Associate

Address: 1900 State Highway 361
Port Aransas, TX 78373-4894
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This home is known as Canary Island and was designed with families in mind. Open kitchen, living and dining with beautiful vinyl plank and tile. Also on this level is a large master bedroom with private bath and a half bath in the hallway. There is a large covered deck off of the kitchen and dining with shade in the afternoon. The third floor has three bedrooms, two baths and a laundry closet. The master on this floor has access to the covered deck and an adjoining bath. The guest bedroom shares a Jack & Jill bath with the bunk room that has 2 sets of beds. There is a large garage and parking to accommodate 5 vehicles or 4 vehicles and a boat. Bella Vista has a beautiful lagoon style pool with waterfalls and the large private lake has fountains. It is only minutes away by car to the beach, 10 minutes from Port Aransas restaurants and 15 minutes from Schlitterbahn water park on Padre Island. The condo is beautifully furnished and the furnishings convey. Great investment opportunity! $434,500 Active

162 La Concha #18 18 Port Aransas, Texas

4 Beds 3.5 Baths 1,818 Sq Ft

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