New Home Sales & New Home Inventory Increases in May
In many of the subdivisions in which Ron Lee Homes builds in St. Tammany Parish, there are now new additions to the gorgeous streetscapes which used to feature beautifully green cut lots waiting for the sound of hammers and saws and the smell of fresh pine and fresh
paint. These new additions are new homes being built for sale for potential home buyers in St. Tammany Parish. Large master-planned communities such as TerraBella Village and Bedico Creek Preserve are seeing lot sales and new builder lot sales more in 2014 than in any other year since the real estate market declined in 2008. These communities offer multiple options both in price and size for their homesites for sale in Covington and Madisonville. There is a reason that people are beginning to see new homes taking shape in many new home neighborhoods in St. Tammany Parish – builders are beginning to see a demand for the purchase of homes by buyers in the Greater New Orleans area.
For a long time, there was a supply of homes in our area that simply “would not go away.” Now, there seems to be a shortage of homes, both previously owned (resale) and new. Because of this, builders are starting to build what are called spec or inventory homes. These homes are designed and built to builders’ already-designed floorplans, and buyers may be able to choose flooring choices / colors, cabinet and/or countertop colors, and paint colors before the home is totally complete. However, if they miss out on this opportunity, than the home is pre-built with certain features that are attractive to home buyers in St. Tammany Parish.
The real estate market nationally is mirroring the activity in our local subdivisions as in April, new home sales rose 6.4% to 433,000 homes, which is even higher than the amount of homes sold in March, 2014. Also, housing affordability rose to 65.5% in the 1st quarter of 2014 according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). This index evaluates each major and minor market to see if homes are affordable to home buyers earning the median incomes in each of these markets. Mortgage rates are steady, and the supply of homes available to home buyers is at 5.3 months according to the rate of sales averaged over national markets.
In St. Tammany Parish, specifically the cities of Mandeville, Covington, and Madisonville, many different subdivisions reflect both the supply of homes and home affordability to our buyers. In fact, if we were to conduct our own index, we may find that our community is doing better than the national average. Ron Lee Homes is so busy that we are trying to manage our customers’ expectations when it comes to building timelines on our homes. We are busy, which is Great, and we want to make sure that we make time for your new home project. So, if you are ready to build your new home, get in touch with us as soon as possible at 985-626-7619 or E-mail Info@RonLeeHomes.com.
