The Commerce Department posted that newly built single-family homes increased 3.7% for the month of January 2017. Which is kinda a big deal.
Robert Dietz, chief economist of the National Association of Home Builders says, “As the supply of existing homes remains tight, more consumers will turn to new construction.”
Pretty interesting, huh? Keep in mind, this is across the United States, not just in Green Bay, WI. But in the Midwest (our area) home sales for newly constructed single family homes rose 14.8% month over month. The largest increase was in the Northeast, where sales rose 15.8%, while the South had a 4.3% rise. The only region not to have a positive gain was the West, they fell 4.4% month over month.
So new construction single family homes is hot, but will it last? The only hindrance that the National Association of Home Builders sees for the continued increase in new construction sales aren’t able and willing buyers, but shortages on lots and labor.