Housing Starts at Highest Level Since 2008
In yet another sign of good news for the housing market, housing starts are at their highest level since 2008, according to the Commerce Department. There were more new permits for home construction firms and increased groundbreaking on new homes.
Starts at home building sites increased by 0.8 percent in February for an annual rate of 917,000 units, well in line with many analysts’ predictions that the rate would reach 915,000 units.
One measure of activity, single-family unit starts, accounts for approximately 66 percent of all starts and this indicator rose 0.5 percent for the highest ever amount since 2008.
In the real estate industry, these reports of increases in home building indicate the market is on the upswing. With the economy gaining momentum, more people are interested in purchasing new homes, which has resulted in the increase in building permits and housing starts. More houses mean more opportunities for new buyers across the nation, with the result that real estate agents’ phones are ringing off the hook with calls from interested buyers.
Real estate agent Karen Spechler is extremely knowledgeable about the market conditions that affect both sellers and buyers. If you have any questions about the current housing market, please feel free to contact her through the website or by phone today.