Social

Logo Logo Logo

Sign up for our newsletter

June 12th, 2012

Housing Market on the Rise

New homes being built in the Harrisburg region have increased in size by 5 to 10% according to an article recently published in The Wall Street Journal.  Builders are noting that there has been a shift in demand from townhomes to larger homes in the region.  One of the noted reasons for this shift is the record low interest rates on mortgages.  The new low rate is allowing people to lock in a fixed price for 30 years and in some cases allows buyers to purchase a larger home for the same mortgage payment.  A second reason for the increase in home size is the small cost differential between midsize and larger homes.  Families are also weighing the cost of future expansion and seem to be opting to lock in a lower rate on a larger mortgage now versus adding on to a home later at an unknown interest rate.

Overall the trend is helping to increase the sales prices of homes, and fill out existing developments that have been slow to sell.  Home builders are cautiously scaling up to help meet the demand.

Sources:

The Wall Street Journal “Big Homes Are Back in Business” published June 7, 2012
WHTM ABC 27 “US Mortgage Rates for Past 52 Weeks at a Glance”  Accessed June 8, 2012


Social

Logo Logo Logo

Sign up for our newsletter