@CNNMoney January 17, 2013
The pace of home building surged in December, as the
market bounced back from the impact of Superstorm Sandy.
Builders started construction at an annual pace of
954,000 home last month, the Census Bureau reported, up more than 12% from
November's pace. That's a nearly 37% leap from December of last year.
The reading smashed the 889,000 that economists surveyed
by Briefing.com were expecting.
The Northeast saw a 19% increase in housing
starts from November to December, as construction picked back up again after
the storm put a halt to new building activity. Single-family housing starts
also boosted December's strong reading, rising more than 8% from November.
Applications for new building permits, which
are seen as an indicator of builders' confidence in the market, were little
changed from November's rate. But the annual rate of 903,000 reported in
December is up 28.8% from last year's level.
Thursday's
reading is yet another sign of the housing market picking up steam, as record-low
mortgage rates have spurred demand for
homes. A recovering job
market and
a tapering off of foreclosures have also
given the market a boost.
As distressed homes leave the market, that means that there are
more buyers interested in purchasing fewer available homes. Home
prices, in turn, have continued to rise, posting the biggest
percentage gain in more than two years last month.
CLICK HERE to visit the Team Petel website. Let us help you find the perfect lot in Southwest Florida for your new home!
No comments:
Post a Comment