December Market Report - New Home Sales Data

The data for new home sales in November marks the fourth straight month of rising sales volume, making it a 7-month high. This is a great show of strength for the housing market.

According to the Census Bureau, the number of new homes sold rose 2 percent in November. On a seasonally-adjusted, annualized basis, home buyers bought 315,000 newly-built homes last month.

Existing home sales also climbed in November. But the big story in the report is the remaining new home supply nationwide. There are 158,000 homes "on the market" and with home sales picking up, it is possible that the the complete, national inventory of "new homes" could be sold in just 6.0 months. This is the quickest home sales pace in nearly 6 years for the new construction market.

This is even more than in April of 2010, when buyers could rely on the Federal home buyer tax credit. Home builders expect the trend to continue, people are looking, and builders have a positive outlook for the next 6 months.

The downside? As home supplies drop and builders gain confidence, the chances for a buyer to negotiate for a price reduction or for upgrade decrease. Therefore, if you're a home buyer in search of a new construction home in Bossier City, Louisiana, you might consider that the best new construction "deals" for the next year may be the ones you find today!