A new analysis from CoreLogic reveals that today’s healthiest new home sales markets are located primarily in the South. New home sales have totaled 441,000 over the last 12 months ending in January, up 3 percent from a year ago. While still below the 660,000 annual average of the last 50 years, the national and regional data available from the Census Bureau mask local pockets of strength.
Eight of the 10 fastest growing new home sales markets are in the South and the fastest growing new home sales market in the U.S. is Nashville, Tenn., where new sales grew by 17 percent over the prior year. Nashville is not only exhibiting strength over the last year, but it is one of only five markets that have higher new home sales in 2015 than in the very early 2000s when markets were more normal. The second fastest growing market is San Jose, Calif., where new sales grew 14 percent from a year earlier. It is also one of the five markets that is currently larger from a new sales volume perspective in comparison to the early 2000s. Atlanta, Ga. is the third fastest growing market, where new sales are up 10 percent from a year ago.
Of the 10 markets with the highest new sales share, seven are either in Texas or the Carolinas.
