Sales for new Portland home construction is on the rise in the Metro Portland real estate market and around the nation. Both August and July saw significant increases in home sales, in comparison to last year. For the first time since 2008 more Americans have purchased new homes and at a faster rate than in recent years.
Partly attributed by experts to continual low interest rates for mortgages and a gain in steady employment, this surge in new construction creates enthusiasm in the market. New home construction has been slow for the past several years. Luckily construction for single family dwellings is again on the rise, increasing options for those searching the market and bringing about more employment opportunities to the construction field. New home prices are also seeing more modest increases than in years past, making them more affordable for buyers. Although experts admit new housing numbers can be volatile, they are optimistic that sales will continue to increase with these improved circumstances.
Buyers considering a Portland home purchase are well advised to work with an experienced real estate agent. While there is a larger supply of houses to meet demand, the market is still hot. A local agent can help buyers narrow down their choices and move quickly when their dream home becomes available.