Each month, Credit Suisse surveys Realtors about their local market. September’s results were just released and for the metro Detroit area it concludes that buyer traffic and sales prices are down and incentives offered to buyers from new home builders are flat. Even with true, record low mortgage rates (below 4%!), there are skittish buyers, largely attributed to economic uncertainty.
While the most recent month’s home prices on new construction are holding steady, data indicates prices will drop in the next few months. Folks in the Lone Star State should be happy, though, as both Austin and Houston were showing signs of a modest rebound. On the other side of the spectrum, Charlotte and New York saw big declines in buyer traffic.
There are some new construction starts in the Livingston County market, but I wouldn’t call it a groundswell of activity. After the last couple of years, any new home building is a good sign. Construction is occurring in the Northridge Hills condominiums in the City of Brighton, and there are some homeowners building outside of large subdivisions controlled by the big building and development groups, too. If you want to build a home, you may have a little difficulty in finding a willing lender, but there are still a few out there doing new construction loans.
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