New Home Sales on the Rise in Tulsa
There’s never been a better time to consider Tulsa real estate, as the number of new home sales continues to rise. A report from nytimes.com noted a 1.5% rise in new home sales in March of this year and indicated that new home sales should continue to grow.
According to a recent report from the Commerce Department, new home sales in March were at a seasonally adjusted pace of 417,000. Since this time last year, new home sales have gone up 18.5%. Jennifer Lee, senior economist at BMO Capital Markets said, “With increasing signs of a softer U.S. economy springing up in the spring, we can take comfort in the resilience of the housing recovery.”
As the housing market strengthens, the inventory of new homes has been low. There has been a recent rise in inventory, however, with March seeing a 2% increase in the number of new homes available. This tighter housing inventory has had a positive effect on home values. The average cost of a new home in March of this year was $247,000, 3% higher than it was in March of 2012.
New home construction has also gone up to satisfy the demand for housing in the recovering market. Home construction increased in March as more than 1 million new apartments and homes were being built. Sales of existing homes were also up in the period 10.3% from 2012. More home owners are now able to sell as home values rise, while home shoppers are able to find many great deals on both new and existing housing.
Please contact our team for more information about Tulsa homes for sale. We would love to talk with you about the great Tulsa real estate opportunities available to you right now.