It is difficult to keep track of the recovering economy and all the factors that come in to play. One clear indicator of our economic state is real estate sales. Quite often the state of real estate sales are a clear indicator of an economy's strength (or weakness). Sales have been strong across the board with the northeast leading the way. A report in May shows that buyers swarmed builder lots allowing the real estate market to experience the biggest gain of new home sales in 22 years.
While demand for new homes climbed in all four regions of the country, the Northeast led these sales with a 54.5% jump. Sales of existing homes also increased by their largest gain in three years, up by 4.9%
Growing demand for new homes will give a much-needed boost to the construction industry, which in turn will boost economic expansion.
"Confidence is percolating up through the economy, making people reach for big purchases like new homes," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York,"
As confidence in the economy increases, potential buyers finally feel as if they are in a position for long-term stability. This feeling of economic stability coupled with still low interest loans and slow home price increases continue to support home ownership affordability.
This frenetic pace has been felt here at Vermont Properties and Development. The traditional "slower season" did not materialize this year and we expect to remain just as busy. We have both the staff and listings of existing homes and building lots both on and off the Mountain. We can meet your needs in the Okemo Valley on Okemo Mountain and in the Lakes Region.
Check out our website for details. Or stop by our office at 29 Locust Hill Rd in Ludlow, VT. We are across from the Okemo Golf Club.