New home sales across the country have reached their highest levels in six years, serving as yet another indicator that the U.S. housing market is continuing to bounce back from the crippling foreclosure crisis of 2008.
According to a June 24 Associated Press article, sales of new homes grew by an astonishing 18.6% during the month of May. In April, sales grew by just 3.7%, following a February and March that saw declines in the number of homes purchased.
“This is the strongest level since the end of the recession and is an encouraging sign that housing activity improved in the second quarter,” Cooper Howes, a Barclays Research economist, wrote in an analyst note.
One particular area of the housing market experiencing a resurgence is that of new custom built homes.
Many aspiring homeowners are attracted to the idea of custom built homes because they stand out from other homes in a neighborhood, with their unique interior and architectural designs. Custom designed homes also come equipped with energy-efficient appliances and building materials, which can save a homeowner thousands of dollars in the long run.
Despite the gains made in purchases of existing and custom built homes, the Associated Press reports that new luxury homes, custom built homes and pre-existing homes are still selling at about half the pace of a healthy real estate market.
If you are still hesitant about purchasing custom built homes and luxury homes for sale, these sales figures should encourage you that owning a home after the recession is still a great financial decision. New custom homes, especially, will allow you to make a worthwhile investment while living in the house of your dreams.
Are May’s sales figures for new and custom built homes a sign of strong recovery or just a fluke? Share your thoughts about the U.S. housing market recovery below.