New figures from Meyers Research reveal a 4.2% rise in new home sales in June compared to March, with an average 2.23 sales per community based on Meyers’ Zonda app which tracks top economic and housing data across the country.
“We saw a pop in new home sales during the spring selling season, and the momentum is carrying into the summer,” explained Ali Wolf, the Manager of Housing Economics at Meyers Research. “The urgency created by the anticipation of rising rates exaggerated the strong housing market and created a very competitive environment on both the new and resale front. The enthusiasm of buyers is captured in the higher sales rates.”
Of the top markets outselling the national average, the majority have a high concentration of tech jobs. Denver and Austin, two affordable alternatives to tech hubs like the Bay Area and Seattle, sold just under an average of 2.50 sales per community.
Sales pace in some of California’s hottest housing markets continue to boom with average sales pace in San Jose up 5.6% and San Francisco jumping 8.4%.
More market update:
Sales of new homes in top US markets are up in the second quarter of 2017 with workers in tech helping to drive demand.