Low inventory spurs new home construction in San Diego.
By Cher Conner
Throughout the country and here in San Diego, new home construction is enjoying a notable recovery ? one that industry experts attribute to increasing real estate demand and shrinking inventory. According to CNN Money, housing construction starts went up by 6.9% in June, bringing the annual rate to a four-year high of 760,000. In the face of low housing prices, eager buyers are finding fewer sellers prepared to put their homes on the market in move-in condition. Therefore, as Redfin founder Glen Kelman tells CNN, those with the means to do so are turning to new construction as a means to getting the homes they want.
The revitalized homebuilding landscape has led to rise in builder confidence. Based on reports from the National Association of Home Builders, industry outlook is comparatively rosy across the entire country, with confidence at its highest level in five years. This in turn has led to a rise in home prices ? oftentimes a necessary catalyst to set buyers in motion snatching up great real estate deals before costs go any higher. Indeed, the Los Angeles Times reports a slow but steady increase in home values over the past four months ? a trend that Zillow Chief Economist Stan Humphries describes as lending some ?organic strength? to the housing market recovery. All these factors combine to fuel the real estate fire.
Homebuilding in San Diego County correlates with improved new home sales
Throughout San Diego County, new housing permits and new home sales are on the rise echoing national improvements and signaling growing confidence for both builders and buyers alike. According to the San Diego Chapter of the Building Industry Association, 2012 has seen 3,040 new home permits issued to date, versus 2,997 at this time last year. In addition, there have been 1,411 new home sales to date in 2012 ? a sizeable boost compared to last year?s 1.112. Demand for new homes not only aids the construction industry, but also highlights the need for new real estate inventory. As competition for existing properties stiffens, sellers can begin to demand higher prices ? and prospective buyers may do well to consult an experienced local agent for advice in securing the best possible values.
As a seasoned La Jolla real estate agent, I offer my clients valuable insight into the local market. Whether you are selling your San Diego home, searching for the perfect property or considering investing in a new or custom-built home, my staff and I provide superior customer service and dedication to your unique priorities and goals. At Cher Conner & Associates, many of our clients have been with us for years ? even decades. We treat our clients like family; and in return, they continue referring friends and loved ones to our La Jolla real estate agency again and again.
To learn more about new homes and existing properties in La Jolla, Del Mar and other San Diego coastal markets, contact us today: www.realestateinlajolla.com.
Related posts:
- San Diego beach real estate heats up with rising second-home sales
- San Diego coastal homes lead rise in California real estate recovery
- Low mortgage interest rates leave La Jolla homebuyers in prime position
- Median California home values make long-awaited spring gains
- Renting vs. buying a home: why now is the time for San Diegans to purchase real estate
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