New home prices also rose in September, having a 11.7% increase from last year.  The rise in home prices has been attributed to a tight inventory supply of new homes for sale.  Builders have answered that demand by increasing construction, with home starts posting a 15% gain in September.

This data confirms that there is a gradual but steady housing recovery taking place in multiple markets across the country.  Recent reports have been consistent and positive regarding new home starts, building permits, new home sales, and a rise in both builder and buyer confidence.  Prospective home buyers are realizing that this is the time to go forward with purchasing a new home for sale in areas like Charles Town, where there are beautiful new home communities, such as Arcadia Chase, that offer affordable homes for sale.  With a recent drop in unemployment and mortgage rates still near records lows, it is a great time in the current market for new home buyers to take the step toward homeownership.

According to new figures released October 17, 2012 from the U.S. Census Bureau and HUD, new housing construction and permitting of new homes increased greatly in September, reaching their highest levels in nearly four years. New housing starts had a 15% gain, while the pace of permit issuance increased by 11.6%. These were the strongest numbers both categories had seen since the summer of 2008.

There had been signs of an improving housing industry leading up to the report issued Wednesday. Home sales were rising as more potential buyers choose to purchase affordable new homes for sale in new home communities, like Arcadia Chase. However, the gains seen in these latest numbers produced by the Census Bureau and HUD were even better than expected.

“Today’s strong report corresponds with the significant gains we’ve seen in builder confidence over the past year, and confirms our view that a housing recovery is solidly underway in a growing number of markets nationwide,” said David Crowe, NAHB Chief Economist .

The rate of single family new home construction registered an 11% gain– the best pace in single family home starts since August of 2008. The rate of new building permit issuance can be an indicator of what future building activity will be, and regarding the single-family sector in September, permit numbers rose 6.7% which marks the highest level since July 2008.

“Builders are responding to the rising demand for new homes as consumers begin to feel more confident about their local markets and put back into motion purchasing plans that were on hold during the recession,” said chairman of the National Association of Home Builders (NAHB), Barry Rutenberg.

It is becoming more evident that the growth seen in both buyer and builder confidence, the rise in new home starts, and the increase in the rate of building permit issuance are all clear signs of improvement in the underlying housing market.

 As of last week, 30-year fixed-rate mortgages are now at a new record low of 3.36%, which is down from the previous week’s rate of 3.40%- this is the lowest level that long-term mortgages have been since they began in the 1950′s.  15-year fixed-rate mortgages averaged a new record low of 2.69%, down from the previous week’s low rate of 2.73%.

With mortgage rates hitting all-time lows for the second week in a row, it is no wonder why many potential home buyers are choosing to buy new homes for sale in areas like Charles Town, WV, while market conditions stay favorable.  The lower rates have also led to more homeowners choosing to refinance, which could help jump start the economy.

While positive trends continue across many housing markets, such as increased home sales, rising home prices, and a higher level of builder confidence, more and more potential buyers now see homeownership as a great investment opportunity, especially when buying in a new home community, such as Arcadia Chase, which offers affordable new homes that are quality-designed and built in a beautifully planned community.  With mortgage rates at historic lows, home sales up, increasing home prices and home values, it really does seem to be becoming more evident that, ‘in today’s market, the buyer holds all the aces’- as said by the National Association of Home Builders.

Looking for a place to shop, relax, visit with neighbors, talk, connect, eat, and enjoy wonderful fresh food?  New home owners, as well as potential buyers looking at     new homes for sale in Charles Town, may be glad to know that there is a seasonal, weekly gathering that takes place with farmers, consumers, bakers, musicians, artists, athletes, non-profits, business owners, city/town representatives and, and interested citizens, which is still be available through October 13th, 2012.

The Charles Town Farmers Market has been running since April, and will continue to be open for business every Saturday from 8AM-12PM beside Old Charles Town Library 100 Block of N. Samuel Street in Charles Town, WV.  Supporting local businesses, such as the ones represented at the Charles Town Farmers Market, is not only important to the community but also to the economy.  And, with new home communities, such as Arcadia Chase, growing as they are, local farmers markets provide a great opportunity to connect with other consumers and producers of agricultural and craft products.

September saw mortgage rates drop back down to record lows after the Federal Reserve announced its new plan to start buying billions in home loans over the following months for the foreseeable future, helping to bring lending costs down for both prospective home buyers and home owners.  Those considering taking out new homes loans, either to refinance or to buy a new home for sale, will be among the first beneficiaries of the Fed’s new strategy.

According to Freddie Mac’s weekly mortgage rate survey, the average 30-year fixed-rate mortgage fell to 3.49%, down from 3.60% in August.  A fixed-rate 15-year mortgage reached a new low of 2.77%, down from 2.85%.  The recent news from the Fed has opened up doors for many buyers searching for affordable new homes in a new home community such as Arcadia Chase.  Chief economist of the National Assocoation of Realtos, Lawrence Yun, said that buying conditions in the current market are favorable and have contributed greatly to the continuous turnover in home prices and home sales: “The housing market is steadily recovering with consistent increases in both home sales and median prices. More buyers are taking advantage of excellent housing affordability conditions,” he said.

Record low mortgage rate levels will put more money in homeowners’ pockets and provides a great opportunity for new home buyers to take advantage of the current Charles Town housing market and purchase new homes for sale now while low rates last.

]]> http://www.arcadia-chase.com/mortgage-rates-fall-september/feed/ 0 http://www.arcadia-chase.com/37th-annual-mountain-heritage-arts-crafts-fall-festival/ http://www.arcadia-chase.com/37th-annual-mountain-heritage-arts-crafts-fall-festival/#comments Thu, 13 Sep 2012 13:23:00 +0000 arcadia http://arcadia-chase.com/?p=1184

Mark your calendars!  The Jefferson County Chamber of Commerce   is sponsoring the 37th Annual Mountain Heritage Arts and Crafts Fall Festival, which was judged as one of the top festivals in America and will be held on Saturday, September 29th through September 30, 2012.  Conveniently located in close proximity to the new home community of Arcadia Chase, this nationally acclaimed festival will include nearly 200 artisans and craftspersons who were carefully selected and prejudged, demonstrating and showcasing their work.  Along with listening to some of the best live bluegrass music around, enjoying wines from the area’s foremost wineries, and tasting the many varieties of food that will be available.  This event is a great way for neighbors and new home owners to welcome in the season of fall!

Encouraging numbers such as these are a sign that the current Jefferson County housing market has gained some traction.  August stats show more homes selling at a faster rate, an indication that there is a sense of demand for new homes for sale.  WIth mortgage rates still near historic lows, is it easy to see why more potential home buyers looking for new homes for sale in areas like Charles Town, would choose to take advantage of favorable conditions and purchase in new residential communities, like Arcadia Chase.

Reports from the past few months have shown that rent prices across the country have risen an average of 5.4% over the last year.  Zillow, a Real Estate listing website, conducted a study in which all homeownership costs, including down payments, closing costs, property taxes, mortgage payments, utilities and maintenance costs, were compared to rental costs.  Incorporating all of these factors, Zillow analyzed 200 metro areas and found that in over 75% of them, home buyers would reach a “break even” point in 3 years or less if they were to purchase a home instead of rent.  The survey also took into account projected home price appreciation, rent increases,  tax deductions and inflation.

Stan Humphries, Chief Economist for Zillow, stated that, “Historic levels of affordability make buying a home a better decision than ever, especially considering rents have risen more than 5% over the past year.”  Although home prices have been creeping up over the past few months, the gains are moderate in comparison to the rise seen in rental rates since 2011.  It leads one to believe that becoming a homeowner would in fact make better financial sense than renting, especially with mortgage rates near record lows.