At Bayside, we offer the nicest and most beautiful new homes in the Bethany Beach-Fenwick Island area. Along with our Jack Nicklaus Signature Golf Course and our close proximity to the beach, newly built homes help Bayside stand out as the most upscale community at the beach; so it’s always exciting to hear good news about new home sales!
The Commerce Department recently published a report that shows national new home sales surged to 8.3% in the month of June, hitting a five year high. The seasonally adjusted annual rate rose to 497,000 units, the best rate since May 2008. This also means that sales were up 38% since just last year.
Although new homes may not make up a huge portion of the housing market, their impact on the U.S. economy is unprecedented. Increased homeownership suggests that the unemployment rate is lowering and that people are landing secure and stable jobs. This will encourage overall spending, which will further improve the economy.
New home sales could be accelerating because of fear of rising mortgage rates and home prices. Many homebuyers see this as an opportunity to lock in a lower rate and price where they can afford a new home they love. From an investors standpoint, this is a smart decision as home values are expected to increase. The more new homes sold, the lower the inventory, and the higher the demand. All of these factors will work together to increase price and competition. At the current pace, new home inventory will be depleted in less than four months.
So with higher prices and rising mortgage rates on the horizon, many homebuyers are eager to finally jump back into the housing market. After all, there has been no better time in recent history to buy a new home than right now. Buying a home in Bayside is so much more than just buying a house. You’ll be moving into a friendly, new neighborhood with more amenities than any other beach community and that’s just minutes from the beach. A deal like this one can’t be beat anywhere on the Delaware Coast!