Maybe It's Time to Add New Homes to Your Showing Schedule

The National Association of REALTORS released its June 2019 Housing Snapshot for Existing-Home Sales. Here is what they shared on the NAR Instagram account:

Living outside Orlando, I know the new home market is very strong. Checking locally, I see 397 new home communities with 3,502 new homes and 1,008 quick move-in. After reading the NAR announcement, I wanted to see what June looked like for new home sales nationwide. Here is what I found:

New Home Sales
Sales of new single‐family houses in June 2019 were at a seasonally adjusted annual rate of 646,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 7.0 percent (±15.2 percent)* above the revised May rate of 604,000 and is 4.5 percent (±21.8 percent)* above the June 2018 estimate of 618,000.

Sales Price
The median sales price of new houses sold in June 2019 was $310,400. The average sales price was $368,600.

Doing some fussy math, I get 5,916,000 total homes sold in June. According to the National Association of Home Builders, home buyers are broken down into three categories:

• 46% who want to buy existing homes
• 35% who are classified as "indifferent," meaning new or existing
• 19% who want a new home

Again, my math tells me that 46% want existing homes and 54% want either new or would consider new homes.

If you are an agent, broker, association, or an MLS and want to explore how to educate REALTORS® on where to start, please let me know!

Dick Betts is a national speaker, trainer and consultant. Learn more at www.DickBetts.com