There are now more new homes for sale than there have been at any time since March 2009. In fact, new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show there were 305,000 new homes for sale in February, which is two percent higher than the previous month. This is good news for the housing market and hopeful home buyers this spring. That’s because, an increasing number of new homes will help relieve upward pressure on home prices. However, though it’s encouraging that there are more new homes for sale, there are still far fewer than there were during the housing market’s peak in 2006. Also, the new homes that are being built tend to be more expensive and out of reach for many first-time home buyers. For example, the median sales price for new homes sold in February was $326,800. Still, more new homes on the market will have a positive effect on the overall market, which is why residential construction numbers remain among the most important barometers for today’s market. More here.
