Throughout all regions of the United States in February, the real estate industry had something to celebrate. All regions increased new home sales compared to the same time in February, 2016.  In the South, new home sales increased 3.6%, which was 7.9% higher than the past year.  Approximately 592,000 new homes sold in February, 2017, which was 12.8% higher than last year and 6.1% higher than January new home sales.  

Bloomberg analysts had estimated 565,000 in new home sale for this time period but reporting from the Census Bureau and Department of Housing showed differently.  The number of new homes available for sale going into the month of March, 2017 was approximately 266,000, which is a 5.4 month’s supply of new homes for sale.  In January, this amount was a 6.4 month’s supply, but February’s new home sales numbers trimmed this amount substantially.

The average price of a new home sold for the month of February stood at $296,200, which was lower than January’s average price of sold new homes which was $308,200.  The total average sales price increased substantially month-over-month from $355,300 to $390,400.  It increased even more when compared to February one year ago – up from $349,400.

All of this is great news for new home builders and custom home builders building new homes for sale throughout Southeast Louisiana and the rest of the Gulf Coast.  Ron Lee Homes is a St. Tammany Parish custom home builder who is building and selling new homes throughout West St. Tammany Parish.  For more information about building your new home, Contact Us at 985-626-7619 or E-mail Info@RonLeeHomes.com.

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