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    New Home Sales Up 12.7% From Last Year

    According to the latest New Residential Sales Report from the Census Bureau, new construction sales in August were up 3.5% from July and 12.7% from last year! This marks the second consecutive month with double-digit year-over-year growth (12.8% in July).

    The report also showed that builders have ramped up construction with an increase in new construction starts and completions. The summer months are often a busy time for builders as they capitalize on the warmer weather to be able to finish projects.

    Below is a table showing the change in starts, completions, and sales from last August.

    New Home Sales Up 12.7% From Last Year | Simplifying The Market

    Other notable news from the report is that the percentage of new construction sales in the $200-$299k range has continued to break away from the $300-$399k range.

    This shows that builders are starting to build lower-priced homes that will help alleviate some of the inventory challenges in the starter and trade-up home categories. The chart below shows the full breakdown.

    New Home Sales Up 12.7% From Last Year | Simplifying The Market

    What does this mean for buyers and sellers?

    If you are thinking of buying or selling in today’s market, you no doubt have heard that there is a shortage of existing homes for sale which has been driving home prices up across the country. The additional new construction coming to the market could help alleviate this shortage, but we are still not back up to pre-crisis levels.

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    Shalini Schetty

    Shalini Schetty is an elite Licensed Real Estate Sales Person and a Trusted Real Estate Advisor at Berkshire Hathaway Home Services Laffey International Realty in Huntington, NY. Shalini is one of the top-producing licensed Real Estate Sales Agents in the area. After obtaining an MBA and pursuing a successful career in finance at JP Morgan in Manhattan, Shalini decided to leverage her international experience (with extensive ties to Asia and India), business background, and love of real estate to start a career in real estate. As a real estate professional for over eighteen years, Shalini consistently delivers outstanding results for her clients.

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