New Home Sales Rise In November
recent report from the Commerce Department. New-home sales increased by 4.3 percent last month, up from the fall we saw occur in October when new-home sales decreased from 495,000 to 470,000.
Throughout 2015 we have seen the housing market strengthen in the Twin Cities metro area and across the nation. The residential construction market has been slow to recover since the housing bust ended over six years ago. Even with the strong increase in November new-home sales remain below the historic average of 655,200. The good news is that home prices are continuing to increase across the nation and here in the Twin Cities.
The existing home market did not do as well for last month. According to the National Association of Realtors the number of existing home sales fell by 10.5 percent across the nation. However, this could be attributed to the delay in closing as a result of the new mortgage lending standards put into place by the Consumer Financial Protection Bureau and the beginning of the holiday season.
If you are looking to buy a home in the Twin Cities we would love to help. Our group specializes in Eden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate,Lake Minnetonka Real Estate,Edina Real Estateand West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065