New Home Sales Highest Since 2007

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The year 2020 has started strong for the new home market. Low mortgage rates combined with a strong job market has made the new year favorable to the new home sales market. Newly constructed homes are desirable and attainable for many Americans, especially in the Midwest. In fact, the U.S. Government reported that “On an annual basis, new home sales were up 18.6% compared with January 2019.”

Market Watch writes: “With homeownership an affordable prospect for more Americans, they have to turn somewhere to purchase. This has made the new home market more attractive, even though new homes typically cost more for buyers. As a result, home construction activity should remain healthy for some time to come, barring complications caused by the coronavirus-fueled economic slowdown.”

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