All about new homes…
Nationally, sales of new homes are up 3% over last year and are running at an annualized pace of 697,000 homes.
To put that in perspective, in April 2011 the annual pace was 310,000 homes and in April 2005 it was 1,260,000.
So, nationally, new home starts are roughly double what they were at their lowest point in recent history and roughly half of what there were at their highest point.
How about locally?
According to our friends at Metrostudy, sales of new homes along the Front Range are up 20% over last year.
Front Range builders have had 28 consecutive quarters of new home start increases and are now building a similar amount of new homes as compared to 2007.
So, the new home market is strong but there is no indication of builders over-supplying the market.