Confidence in New Construction Market Continues to Grow
It’s been roughly a decade since home builders have been as confident in the housing market as they are right now, and here in South Florida where both the luxury and new construction segments of the market have been especially red hot as of late, that confidence couldn’t be more evident.
According to the National Association of Home Builders’ most recent Housing Market Index (HMI), home builders rated the current market at its highest level since November 2005, which is based largely on current sales of new single-family homes, sales expectations for the next six months, and current traffic of potential home buyers.
The Housing Market Index, which is essentially a survey given every month to home builders in order to gauge current market conditions, also noted that although sales expectations haven’t changed much, actual sales and buyer traffic is up across the board.
Job growth and economic gains should help keep the new construction market healthy throughout the remainder of 2015, and as data continues to filter in regarding what we saw over the first half of 2015, some reports are showing that the South Florida metropolitan area had the second most construction starts in the country over the first six months of the year.
According to Dodge Data & Analytics, South Florida had $2.96 billion in commercial and multifamily construction starts through the first half of 2015, second to only New York, which had an incredible $17.3 billion in new construction contracts.
If you're in the market for a new construction home around Jupiter or the Palm Beach area, contact us today to learn more about what's available!
