Builders Hike New Home Prices

Builders Hike New Home Prices

More builders report that they’re raising their prices on new homes. Twenty-four percent of 231 builders recently surveyed say they raised their prices in December – an increase over a 19 percent low reported in November, according to John Burns Real Estate Consulting Inc. data. The percentage of builders who say they lowered their prices fell to 8 percent in December after a 12 percent high in October.

In early 2013, more than half of the builders surveyed reported raising their prices, with some markets, posting double-digit increases from 2012 levels. But price increases slowed during the summer months as interest rates rose.

Lately, however, interest rates have mostly remained flat – around 4.4 percent to 4.5 percent averages – and improving employment numbers have builders feeling more confident again.

Michael Gapen, senior U.S. economist at Barclays, predicts that home prices will rise 7 to 8 percent this year, adding to last year’s gains of 11 to 12 percent.


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Source: The Wall Street Journal


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Phone: 941-544-7270
Dated: January 23rd 2014
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