The following is a headline report from Yahoo financial. It seems that new homes have finally reached a bottom. With the combination of prices at all time lows and rising, along with historically low interest rates, it seems that now is the smartest time to buy. Most likely, however, new home sales and prices will continue to bounce along their bottoms for the next few months, but based on this new data, it seems that real estate is not going down any futher!
US new home sales showed a modest 2.7 percent rebound in September, helped by falling prices, government data showed Monday. Sales of new one-family houses rose to an annualized pace of 464,000, above market expectations of 458,000. Despite the monthly gain, new home sales were still down 33.1 percent from a year ago, reflecting the unprecedented meltdown in the US property market after a years-long boom. The median sales price of new houses was 218,400 dollars, compared to 221,900 a month earlier. The inventory of unsold homes fell slightly to 394,000, a supply of 10.4 months at the current sales rate. Because the meltdown in housing has mushroomed into a wide financial crisis, Joel Naroff of Naroff Economic Advisors said the report was positive news. "Despite the fact that builders are moving very few new homes, the slight rise in sales holds out hope that the bottom has been reached," Naroff said. "Eventually, financial institutions will decide that it makes sense to make loans again. Once mortgage money becomes more available and with home prices reasonable, I wouldn't be surprised to see a solid rebound in housing demand." Economist Patrick Newport at IHS Global Insight said the drop in inventories was a "positive detail" in the report, but that the data probably only partly reflected the financial market turmoil since mid-September. "Going forward, sales will continue to drop because of falling house prices for existing homes, tighter credit, and a deteriorating economy," Newport said.
http://news.yahoo.com/s/afp/20081027/ts_alt_afp/useconomypropertysales_081027174852
Tuesday, October 28, 2008
Wednesday, October 1, 2008
New John's Island and Mt. Pleasant Development
The most desirable land in any area near water will alway be on Islands. Two incredibly impressive new home developments are currently under way on two of Charleston's most prominant such areas, John's Island and Mt. Pleasant.
The Retreat on John's Island offers a variety of traditional homes with livable floor plans, wrap around porches, custom features, and charming accents, The Retreat is being built to sustainable and energy efficient Earthcraft House standards. Green building is arguably even more important in new homes on an island, or constrained spacial areas.
Carolina Park in Mt. Pleasant is also being constructed entirely with Earthcraft home standards. New homes in Carolina Park will feature a tradional lowcountry design with conveniently modern ammenities and features. High interior ceilings, abundant and luxurious wooden trim, and wrap around porches, these homes will be built to the truest definition of southern charm.
Brentwood Homes is the developer for both of these projects, continuing their legacy of delivering the most eye pleasing, long lasting, and energy efficient new homes in the Carolinas. Visit their extensive inventory of new homes in both North and South Carolina.
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