New Home Sales

A report came out yesterday that New Home Sales plunged 8.5% to a 17 year low in March. (nationally) This comes at a time where home builders have slashed their average price by a record amount (13.3% in the last year)! Some other stats to mention are as follows. New home sales are down 36.6% compared to a year ago. This month's supply is the highest in 27 years!
Doesn't sound too hot does it? While it is obvious that the economy is struggling and real estate markets in certain regions of the country are hurting, Boone County is holding pretty steady! We haven't experienced the crazy appreciation that many parts of the county have, therefore we aren't experiencing the rapid depreciation! Yes, some pullback has occurred and this is only a natural correction that must happen every now and then. If you have been reading our blog and following the Columbia market, you know we have been talking about how things have been picking up! Builders and lenders have pulled back on new projects, but the good ones are still doing business and producing quality homes and developments.
In summary, feel free to read the headlines to stay informed about what is going on nationally. It is always a good idea to know these things and this is why we blog about them. However, do your homework about the market you are in. If you are in Columbia, there is no need to panic about these headlines. We are not in the same shape the other regions are in and it is a great time to snatch up a good deal on a home! We look for Columbia to have a very solid buying season!

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