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
Author:Kathy Toonder Phone: 941-544-7270 Dated: January 23rd 2014 Views: 1,014 About Kathy: I enjoy walking the warm sandy beaches, swimming and watching the magnificent sunsets on Florida’s...
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