New Home Construction Picks Up

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CRESWELL, Ore. — Pending sales of existing homes in the United States beat out expectations in March.

According to the National Association of Realtors, contracts to purchase preciously owned homes rose 3.4 percent. That’s the most in almost three years and the first gain in nine months. But when it comes to new homes, the Department of Commerce¬†said sales dropped 14.5 percent in March, an eight-month low.

Sales of new homes may have plunged across the U.S., but in Lane County experts say the area is¬†seeing a resurgence in new construction. They said it’s an indicator that builders believe in the community and want to invest in it.

Whether you’re a buyer or a seller, experts say we are in a hot marketplace right now. For sellers, the average price for a home in Lane County is $220,000. That’s up nearly 10 percent from last year and inventory is low so homes are moving very fast.

For buyers, interest rates are low right now. The average rate on a 30 year mortgage is about 4.5 percent.

“It’s great for buyers and sellers and homes that are priced well are moving. Sellers are getting their equity out of the places and the buyers are then in turn fulfilling that American dream of owning a home, which is very exciting,” says Tyler Demers, a licensed real estate broker.

Generally, real estate activity picks up in the springtime, so buyers should expect to see more homes hitting the market and sellers should expect a lot of interested people.

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