In terms of new home sales, 2014 started off the year on an excellent note.
According to recently released information from the Commerce Department, the sales of new single-family homes hit the highest level in 5-1/2 years in January 2014. Sales surged to a seasonally adjusted annual rate of 468,000 units in January – markedly higher than the 400,000-unit pace predicted for the month by economists polled by Reuters.
This unexpected upswing in new home sales is excellent news for the home construction industry, as this information illustrates strength in the vitally important housing market and could help dispel worry of a sharp drop in the market. Positive news about the new home construction market is always welcome here at Christopher Companies, a proud member of the industry. We’re especially pleased to hear that the market remained strong despite the unusually harsh winter weather that much of the nation has experience so far this year. Christopher Companies builds new homes in the D.C. metro region and Delaware’s Sussex County, and these areas certainly haven’t seen a balmy winter season this year – just ask our residents!
We’re certainly glad that the new home industry has shown such strength in January, considering the industry hasn’t seen new home sales this high since July 2008. While any good news about the housing industry is welcome here at Christopher Companies, the new home industry is especially important. New home sales represent a small, but critical, portion of the overall housing market. And as many know, the vitality of the housing market is key to overall economic recovery. It’s also interesting to note that the volume of new homes sold isn’t the only aspect that’s increased – the median price of a new home also posted a 3.4% year-over-year increase since January 2013.
We’re excited to see what the remainder of the year has in store for the new home construction industry, overall housing industry and the economy. We’re optimistic about the industry across the nation, but particularly in the Washington D.C. metro region and Delaware’s Sussex County. Both of these areas have proven to be excellent markets for the housing industry in the past, and it’s not hard to see why.
The D.C. metro and Northern Virginia region is one of the most highly desirable in the nation, with high median household incomes and high standard of living. Not to mention ease of access to all the opportunities our nation’s capital has to offer for working, entertainment, dining and shopping.
Delaware’s Sussex County is an excellent choice for homeowners in the greater Baltimore-DC-Philadelphia region – and beyond – looking to buy a beach home for a great price. Delaware is known nationally for its excellent tax benefits, and Sussex County in particular is known for its low property taxes. And when you consider the beautiful Delaware shore and quaint coastal towns, Sussex County is an excellent choice for an East Coast beach home.
We’re proud to offer new homes in both of these excellent areas, and we hope that homeowners in the mid-Atlantic looking for a new home in these areas will consider Christopher Companies. With the market clearly showing positive trends as of late, it may be the perfect time for homeowners to buy a new Christopher Companies home!
SOURCE: Reuters, Bloomberg