There is an all-over apparentness of the builder confidence level being up. According to data supplied by the the National Association of Home Builders, U.S. homebuilder confidence rose this July to its strongest level in 7-1/2 years. Confidence levels are stated to have risen given that there is restricted supply, dense demand, and escalating mortgage rates. Rick Judson, chairman of the builders association, believes that this news is acutely inspiring as the levels are measured based on a monthly survey of homebuilders nationwide, in which it asks them to qualify their opinion of the present sales for single-family residences, their outlooks for home purchasing in the upcoming 6 months, and their rating for the level of traffic of prospective buyers.
This couples well for the real estate market, the economy, manufacturing industries and fueling retail. According to WSJ, "U.S. home builders reported the best conditions in the housing market since the mid-2000's boom, the latest sign home sales are becoming more robust and will power the U.S. economy this year". Simply put, new homes are in high demand. Additionally, evidence is revealing that for the first quarter of 2013, new home sales have without doubt floated near a 5-year high.
NAHB Chief Economist David Crowe stated recently, "Builders are seeing more motivated buyers coming through their doors as the inventory of existing homes for sale continues to tighten.”
Associate Broker | DRE# 01918939
Coldwell Banker Residential Brokerage
Beverly Hills North Office
301 N Canon Drive
Beverly Hills, CA 90210
Direct: 310-777-6305 | Phone: 310-597-1691
Published on Aug 01, 2013