U.S. New-Home Sales in May Climb to Best Levels Since 2008

24 06 2015

Purchases of new U.S. homes surged in the Northeast and West in May, as steady job growth over the past year has lifted the real estate sector.

The Commerce Department said that new-home sales rose 2.2 percent in May 2015 to a seasonally adjusted annual rate of 546,000, the strongest pace in more than seven years.

Sales of new homes have soared 24 percent year-to-date, helped by the additional incomes from the employers hiring 3.1 million workers in the past 12 months and relatively low mortgage rates. The sharp increase in purchases could help drive more employment in the construction sector and broader economic growth, potentially offsetting the setbacks to growth in the manufacturing sector caused by cheaper oil prices and a stronger dollar that has hurt exports.

Last month’s sales gains were concentrated in the Northeast, where sales jumped 87.5 percent. New-home sales increased 13.1 percent in the West, but slipped in the Midwest and South.

The median sales price has fallen slightly, dipping 1 percent over the past 12 months to $282,800.

The increases have caused the supply of new homes to dwindle to 4.5 months, compared to the six months’ supply generally associated with a healthy market.

Still, homebuilders are preparing to meet this demand, having broken ground on more houses this year and plan to continue construction. Approved building permits rose increased 11.8 percent to an annual rate of 1.28 million, the highest level since August 2007, the Commerce Department reported last week.

Existing homes are also seeing strong sales as the economy continues to muscle up.

Sales of existing homes climbed 5.1 percent in May to a seasonally adjusted annual rate of 5.35 million, the National Association of Realtors said Monday. Tight supplies have lifted prices, which have climbed 7.9 percent over the past 12 months to an average of $228,700, about $1,700 below the July 2006 peak.

Much of the increased buying activity flows from a stronger job market and relatively affordable mortgage rates.

Borrowing costs are low by historical standards, but they have been rising in recent weeks at a speed that might prompt more people to buy homes.

Average 30-year fixed rates were 4 percent last week, according to the mortgage giant Freddie Mac. That average has increased from a 52-week low of 3.59 percent.

Soure: Associated Press

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William Vasana Receives 2015 Best of Jacksonville Award

4 06 2015

Press Release

FOR IMMEDIATE RELEASE

Jacksonville Award Program Honors the Achievement

2015 Best of Jacksonville Award

2015 Best of Jacksonville Award

JACKSONVILLE June 4, 2015 — William Vasana has been selected for the 2015 Best of Jacksonville Award in the Real Estate Agents category by the Jacksonville Award Program.

Each year, the Jacksonville Award Program identifies companies that we believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and our community. These exceptional companies help make the Jacksonville area a great place to live, work and play.

Various sources of information were gathered and analyzed to choose the winners in each category. The 2015 Jacksonville Award Program focuses on quality, not quantity. Winners are determined based on the information gathered both internally by the Jacksonville Award Program and data provided by third parties.

About Jacksonville Award Program

The Jacksonville Award Program is an annual awards program honoring the achievements and accomplishments of local businesses throughout the Jacksonville area. Recognition is given to those companies that have shown the ability to use their best practices and implemented programs to generate competitive advantages and long-term value.

The Jacksonville Award Program was established to recognize the best of local businesses in our community. Our organization works exclusively with local business owners, trade groups, professional associations and other business advertising and marketing groups. Our mission is to recognize the small business community’s contributions to the U.S. economy.

CONTACT:
Jacksonville Award Program
Email: PublicRelations@awardsystem.org
URL: http://www.awardsystem.org

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