After falling for two consecutive months, Vero Beach new home sales jumped 18 percent in August to the highest level since 2008.
The jump in Vero Beach new home sales for August comes during the same month when housing construction slumped. Housing starts fell 14.4 percent in August, the biggest one-month drop in more than a year. Even so, home construction in July reached the highest level in almost seven years.
For the companies that build new homes, optimism is rising.
A recent report from the National Association of Home Builders said its builder confidence index rose for he fourth consecutive month in September, to the highest level since November 2005.
Vero Beach New Home Sales Catching Up With Builder Sentiment
While this report is prone to some volatility and revisions, it's promising to see Vero Beach new home sales finally begin to catch up with home-builder sentiment, which is at its highest level in almost a decade
The monthly builder survey covers current sales conditions, prospective buyer traffic and future sales expectations. All its metrics rose in September, according to the NAHB.
Why is this news about Vero Beach new home sales so important?
Home building, which accounts for about 3 percent of gross domestic product compared with about 12 percent for capital spending, matters because of its "broader linkages that will feed back into the economy" to spur household spending, wealth, hiring, and confidence.
We'll continue to keep a sharp eye on trends that affect Vero Beach new home sales, and report any and all trends in future updates here on our website.
In the meantime, find more current Vero Beach real estate news articles under our Vero Beach Real Estate News section under the Vero Beach Real Estate Categories to your right.