New Home Sales Hit 2 Year High


It’s yet another sign that the economy is beginning to improve – new homes sales were up in September 2012 to the highest level in 2 years, according to CNN Money. This trend is also true with Northumberland PA real estate. Northumberland boasts an array of new home building companies as well as land for sale – in town, in subdivisions just outside of town, and in the scenic countryside.

The Census Bureau reports that sales sold at an annual rate of 389,000 homes in the month, up 5.7% from the 368,000 sales pace in August. The last time sales were at this pace, in April 2010, they were being helped by a short-term home buyer’s tax credit.

Factors Pushing the New Home Sales

There are several factors aiding the recent push to build new homes. Low mortgage rates, coupled with years of weaker sales, have resulted in affordable home prices.

For those waiting for the market to “bottom out,” there isn’t a better time. Banks are willing to loan money at low interest rates, land is available, and construction and engineering firms are looking for new clients.

Unemployment rates are also declining, which leads to more consumer confidence and the ability to secure and repay a home loan. And, foreclosures have fallen to a 5-year low, all contributing to this new home sales boost.

What This Means for the Broader Economy

New home sales are important contributing factors of the nation’s overall economy. When new homes are built, local construction and engineering firms benefit, as well as the sales of local lumber, concrete, and drywall. Not to mention the sale of indoor items like appliances, cabinets, carpeting, furniture, and home furnishings.

Why Northumberland PA Real Estate

Northumberland is a great place to build a new home thanks to good school districts, moderate taxes, easy access to major highways, and the availability of outdoor amenities like the Susquehanna River and the Shikellamy State Park Marina. Boating, fishing, camping, hiking, and biking are all outdoor activities within easy reach for those who purchase Northumberland PA real estate.

Northumberland also boasts many historic homes and a downtown historic business district featuring community banks, family-owned shops and well-known eateries like Front Street Station, a restaurant and banquet facility with a historic railroading theme.

Northumberland’s Rich History

Northumberland has a rich history, and much of is shared from generation to generation thanks to historic landmarks like the Joseph Priestley House Museum and the Priestley-Forsyth Library. Locals and visitors can also get married in the region’s premiere outdoor setting, the Priestley-Savidge House, a two acre oasis in downtown Northumberland. The town’s most well-known and most-revered resident is, of course, Joseph Priestley, a scientist, theologian, educator, philosopher, and most famously, the discoverer of oxygen.

When the time comes for you to buy or sell a home, whether you’re a first-time homebuyer or seller or seasoned in the market, choose wisely. Choose Bowen Agency Realtors, where we have the experience and know-how to make your home buying experience an efficient and enjoyable one.