The sales of new homes ended on a high note to close out 2019.
New home sales in December of last year were at an annual rate of more than 700,000, according to the Department of Housing and Urban Development and U.S. Census Bureau. That performance is 23 percent stronger than the previous year.
The numbers from the Department of Housing and Urban Development indicates that this hot streak should seep well into 2020.
New home sales in January were seasonally adjusted to a rate of nearly 765,000 units, which exceeded December’s stellar showing. Market insiders predicted the rate to be between 700,000 and about 725,000. The market had other plans, however.
In addition to new home sales, the number of new home builds increased as well. In January, it reached nearly 60,000, up from 48,000 in December.
As far as the median price, the market bore a year-to-year spike of about $40,000, which represents the highest median price in 12 months.
This high-octane market is wide open, providing opportunities for first-time homebuyers or those hoping to own a home again.
If you’re thinking about purchasing a home in the Seattle/Renton/Tacoma markets, an FHA or VA loan can give you the upper hand. FHA loans are designed specifically for you. They are insured through the Federal Housing Administration and government-guaranteed and give lenders flexibility. This is passed on to the borrower through lenient qualifying guidelines.
A VA loan similarly encourages lenders to provide borrowers with flexible guidelines. Military personnel does not need to pay mortgage insurance and can be approved for 100 percent financing.
Please contact us today to learn about the resources and tools that can assist you in your pursuit of homeownership.