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2015-10-14 07:13:21
New Home Inventory UP in Tooele County UT

The new home inventory is up in Tooele County UT.

There is a nice selection of spec homes, homes under construction and listings of homes being built in the area. Plus there are quite a few building lots for sale for the new house buyers that want to buy a lot and then pick a plan and have one of the fine local builders construct it for them.

Lots for sale in Tooele County are generally cheaper west of Salt Lake than they are in Salt Lake County, and often quite a bit larger.

Here are listings of new homes for sale in various areas of Tooele County.

This is not a real estate phenomenon happening only in the Utah market. According to the following KCM article which i re posted on my facebook page, new construction is helping ease the strain on home buyers finding small selections of previously owned homes listed in many areas.

Here is what KCM had to say.

 

New Home Sales Surge | Keeping Current Matters

According to the latest report from the US Census Bureau and the Department of Housing and Urban Development, newly constructed home sales jumped 5.7% month-over-month and 21.6% year-over-year to an annual pace of 552,000.

Many buyers are looking to the new homes market to make up for the lack of existing home sales inventory. National Association of Home Builders Chief Economist David Crowe explains:

'Today's report indicates the release of pent-up housing demand as the overall economy strengthens, consumer confidence grows and mortgage interest rates remain low. The housing market should continue to move forward at a modest but more persistent pace throughout the rest of 2015.'

Regionally, the Northeast led the way with a 24.1% increase in new home sales, followed by the South (7.4%) and West (5.4%). Sales in the Midwest declined by 9.1%.

The inventory of new homes for sale currently sits at a 4.7-month supply down slightly from July (4.9) and significantly from August 2014 (5.4).

Buyers who purchased a new home were willing to spend more to get the amenities that they wanted. The median home price for new homes was $64,000 higher than existing homes in August at $292,700!

Approved applications for building permits increased 3.5% over July and 12.5% over this time last year. Permit applications are seen as a strong indicator of builder confidence in the market.

Bottom Line

Buyer demand continues to outpace inventory of homes for sale. If you are thinking of selling your house this year, now may be the time to list before builders have a chance to replenish the supply of new homes.

Want to know more about New Home Sales? Check out this infographic!


If you are one of those home buyers frustrated because of the lack of inventory to select from, you may have found this article helpful and you would like help starting to search for a newly constructed home, or a house under construction. 

If so, call me; Berna Sloan 435-840-5029.

Let's get together and see where new home inventory is up in Tooele County UT.

 
Blog Archive
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Click here to see ALL articles.


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