The Real Deal Miami

New construction sales jump in South

February 27, 2012 12:00PM

A new home in Royal Palm Beach

The South saw a 15 percent increase in sales of new construction homes, according to data from the U.S. Commerce Department. The region, which includes 17 states, saw a 9 percent increase last month, compared to a 3.5 percent rise nationally, the Palm Beach Post reported. “We haven’t yet seen a turn to a significantly different sales rate, but it does give builders confidence with construction,” said David Crowe, the National Association of Home Builders’ chief economist. According to Wells Fargo economist Mark Vitner, Florida is seeing an uptick in activity as well. “The activity is picking up in Florida,” he said. “Land prices have come down, and builders have found niches where they can come in and compete with existing home prices.” [Palm Beach Post]