As the housing market continues to improve, home builders’ confidence that a turnaround will endure continues to increase. This month, the confidence level increased two points to 47 from November. That is the highest reading since just before the housing market plummeted in April 2006. While 47 still denotes some need for improvement, it is a far better than the 17 it was in October 2011. As builders report that the market is improving for newly built homes, buyers should be more confident that now is the perfect time to purchase a Richmond new home.
To receive this data, the National Association of Home Builders and Wells Fargo received responses from 441 builders. In addition to overall confidence, results also concluded that current sales conditions are improving (up two points to 51) and that traffic of prospective buyers is increasing (up one point to 36). The improvements to the housing market are a direct result of a recovering economy, a steady rise in home values and a decline in mortgage rates.
Boone Homes is excited about the consistent improvements to the housing market. We currently build beautiful single-family homes throughout Richmond, many of which offer a no maintenance lifestyle. The benefits of a Richmond no maintenance home includes freedom from lawn maintenance, snow removal, annual gutter cleaning, exterior painting and so much more.