Housing prices have been a major problem in the United States of America for the past few years because the demand for reasonably priced houses has been on the rise; but builders have been refusing to cater to it in the search for better profit margins. In such times, CB17 – 124 came as a surprise from the U.S Department of Housing and Urban Development, which claims that prices have shown a downward trend till June 2017.

Key Statistics

Newly built home prices revolve around an average of $310,800 as of June 2017, which is a substantial 4.2% decrease from May of the same year. This considerable reduction in price resulted in new home sales rising by 0.8% in June alone, and by 9.1% overall since the start of 2017.

Even though newer homes are still on average about 17.8% more expensive than older homes, this decrease in sales price is great news for many potential buyers out there. The southern part of the country has experienced the most sales of new houses over the year (roughly 323,000), with the west following at 272,000 homes sold. The Midwest stood at 66,000 and the Northeast at 41,000 respectively, but the key fact to take away is that most of these figures are much greater than the previous year.

Good News?

This is what many Millennials and people in the middle class have been waiting for, because with less effort they could become the owners of a new home right now. We should expect to see a rise in banking, crediting and loaning activity in the country with respect to homes prices because a couple thousand dollars could make a big difference in purchasing your dream home.

The future prospects of being the owner of a newly built home, at prices well below recent past prices, are quite visible because after this downward trend forecasts are likely to say that the prices will rise up again. Indirectly, that means that your worth as a US citizen automatically increases because it adds to your wealth in the future. The positive impact a swift decision right now in purchasing a new home will have on your future, can be exactly what you are looking for.

What Next?

A senior economist, of realtor.com, states that this is a great opportunity for new buyers to flourish in the housing market. It was also highlighted that the market for housing in the United States of America, especially the new home prices, are bound to fluctuate all year long, and their time to rise is not far ahead. Essentially, we can expect a report that counters this one in the next six months, but should this act as a disincentive for you to work for the cause?

Absolutely not, because even in the times of the trend starting to shift upwards again, the prices will still be a lot more reasonable. So if you are able to make monetary arrangements by then, your new house is there for the taking!

 

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