Want to live in a growing area? Want to live in an area with financial stability? Want to live where home values continue to rise? Look no further than Pittsburgh!
Homes.com, has named 14 markets across the nation as “completely recovered” and Pittsburgh has made the list. MoneyJournal.com has Pittsburgh ranked #18 in the best real estate markets for 2013. Home sales are forecast to be up 6.8%, with home values up 2.6%. This is the strongest improvement since the housing market took its fall seven years ago.
There is no doubt that record low interest rates have driven a lot of buyers into the market, including many first-time buyers. While mortgage rates are currently fluctuating, they are still historically low, making homes more affordable. The influx of buyers has created a demand for homes, which in turn drives up prices.
So, how does the variation between supply and demand impact new construction? Well, with the inventory of older existing homes being lower, the prices have been driven higher, in turn making new construction even more attractive! Buyers are seeing that they can choose their community, home site, and floor plan; personalize the home with amenities that fit their needs; and at the end, move into a brand new, energy efficient home, for close to, if not the same price as an older used home. Check out the statistics below from Mortgage News Daily supporting the growth of resale and highlighting the growth of new construction!
Housing Data from Mortgage News Daily
|Housing Statistics||Current Report||Previous Report||Change||YOYChange|
|Building Permits Total||1,017,000||890,000||14.27%||0.36%|
|Under Construction Total||605,000||594,000||1.85%||0.30%|
|New Home Sales Total||476,000||466,000||2.15%||0.29%|
|Pending Home Sales Total||106.0||105.7||0.28%||0.06%|
|Existing Home Sales Total||4,970,000||4,940,000||0.61%||0.10%|
With continued favorable interest rates, we anticipate the demand for new construction to stay strong. Now is the perfect time to make your move! Stop in any Maronda Homes model home today and learn how you can be the owner of a brand new home of your dreams.