New Homes for Sale Richmond Hill
The new home sales fell in March to its lowest level in over a year, indicating that the sector does not quite overcome despite some sporadic outbreaks of optimism. The area real estate agent reported Tuesday that sales in March fell 7.1%, to 328,000 units seasonally adjusted, after an increase of 7.3% in February. At first the government said sales in February were down 1.6%. The weakness in March could be due to the north in calm weather, with unusually warm February 1 to March sales subtracted, when traditionally begins to move this sector. The average selling price was $ 234,500 in March, a contraction of 1% compared to February. Sales of new homes in Richmond Hill reached half the annual number economists consider a sign of the strength of the sector, 700,000. The inventory of unsold new homes fell to 144,000 in March - the lowest since records began such statistics in 1963. The inventory has declined over the past two years at the inactivity of the sector. Richmond Hill Real Estate Economist Michael Gapen, with Barclays Research, said that the low inventory should cause a moderate rebound in housing construction in the coming months.
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