The latest statistics from the U.S. Census Bureau show a significant increase in new home construction starts by home builders. 2009 was the low point in the real estate industry for new construction starts, and the market has been slowly gaining steam every year since.
This past month we saw a 2.3 percent increase in starts for new homes across the country. Compared to the same month in 2011, total new starts for residential real estate nationwide are up 24.5 percent, a huge jump for a single year.
From theInman News Report:
Builders started construction on new homes and apartment units during August at a seasonally adjusted annual rate of 750,000, up from 733,000 in June and 581,000 a year ago, the Census Bureau said.
Single-family housing starts were up 5.5 percent from July to August, to a seasonally adjusted rate of 535,000, representing a 26.8 percent increase from last August and 52 percent above the tally's March 2009 bottom of 353,000.
Housing starts have been rising on an annual basis since September 2011 and are now 57 percent above their trough in April 2009 -- 478,000 -- according to census records dating back to January 1959.
Builder confidence ticked up for the fifth month in a row in September, reaching its highest level since 2006, the National Association of Home Builders reported this week.
Data Source: NWMLS - The Northwest Multiple Listing Service did not compile or publish this information.