Commerce Home Mortgage News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Christmas Eve: Bus. Dev., MLO, AE Jobs; Verification Tool; Disaster News; What is Build for Rent ?
Dec 24 2020, 8:12AM
New Homes Sales tumbled over 11 percent in November. Does that mean no one wants new homes, they’re over-priced, or there aren’t any to buy? One has to look at statistics critically. Housing stats tell us that bigger isn’t always better. Per the Census Bureau, the average square footage of new homes sold in the U.S. dropped from 2,724 in 2015 to 2,518 in 2019. Despite the decline in average square footage, the average sales price of new single-family homes sold in 2019 was $383,900, up from $272,900 in 2010 (not adjusted for inflation). 69% of new single-family houses sold last year were purchased using conventional financing (and other types of financing excluding Federal Housing Administration (FHA), Veteran’s Administration (VA) or cash purchases), up from 58% in 2010. Lest we forget, conventional financing is a mort ....

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