Nearly half of the new homes had over four bedrooms and garages with space for more than three cars. While the high-end homes turn the larger buck, bigger is not necessarily better, as builders made fewer starter homes for the less well-heeled homebuyers. Land prices rising faster than incomes, student debt and a tight credit market are restricting first-time buyers, especially, from putting together a down payment.
Meanwhile, the sale of existing homes mushroomed +14.7 percent in Dec., as MHProNews reported Jan. 23, 2016, setting a new monthly record. While that was likely driven by delays in the implementation of the new mortgage rules, sales for the year were the best since 2006 when 6.48 million homes sold, many of which likely contributed to the housing market collapse the next year. Sales of previously-owned homes hit 5.26 million for 2015. ##
(Photo credit:wktv)
