New Home Sales Up – Surprisingly!

In February new home sales increased, the Department of Commerce reported. New home sales increase at an annualized rate of 337,000. Meaning that if sales continued at the pace set in February the US would see 337,000 more new homes sold in 2009 than we did in 2008.

Why is this such a big deal? Because analysts expected new home sales to be lower in 2009 than they were in 2008. This is huge. This means that some of the new legislation that the government has been passing is working. Lower rates and more incentives to purchase now have started to take hold.

What is the bad news? There always has to be some bad news right. Well the bad new is that the median home prices on a new home fell to $200,900 in February. That is down 18.1% for the year. I guess this might not be bad news to the people who are purchasing these homes.

So the moral to the story is that if you are looking to buy a home, now might be your best opportunity. With home prices low, rates low and incentives high you might not find a better time to buy. Take some time and look into it. If you are considering it then you have to start doing the research now. Get out there and find something for yourself. You may kick yourself later if you wait.

If you need help with a mortgage check out www.thebriteway.com. We can help you find the best mortgage for your situation.

Have a great day!!