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New House Construction Hits Four-Year High

By Whirl Construction (566 words)
Posted in In the News on December 17, 2012

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There is new reason to believe that the housing market is experience better health, as the rate of new{#/pub/images/new_home_construction_high.jpg} construction on homes has hit a four-year high. As of the end of October, 2012, construction broke ground on over 394,000 homes across the United States. This is the highest rate of new construction on homes since the housing crisis in 2008, and is close to a four percent increase from the rate of new home construction in September of this year.

Along with the increase in private home construction, new construction on apartment complexes also increased during the month of October, though the more volatile nature of the multifamily housing units doesn’t indicate as strong of a trend as that of private residences.

The rate of new home construction and permits for new single family home construction is 87 percent higher now than it was in 2009, when the housing market hit its all time low of the modern era.

The boost in new-home construction means a lot to the average American homeowner, as well as to developers and investors who have been waiting patiently for the housing market to turn around. The increase in new construction means that there is an increased demand for housing, as more families are able to remain in their homes and the national rate of foreclosures continues to decline.

While the rate of new construction of single and multifamily homes is on the rise, developers are acutely aware that the housing market is fundamentally different than it was four years ago when it was at an all time high. Buyers are being weary before committing to a property, and in many cases it is going to take a bit of extra effort to encourage a buyer to make an offer on a home. With so many foreclosures and short sales flooding the market, many buyers have had their pick of amenities when purchasing a house.

Adding features like a playground or skate park to your multifamily housing unit, or improving the aesthetics of a single family home with decorative curbing can make a big impact on potential buyers, and thereby a big impact on how quickly a property will sell.

One of the reasons construction rates are on the rise once again is the level of builder confidence in the current economy. When builders are unsure a property will sell they are generally not willing to break ground on another project. A surplus of foreclosures and short sales on the market makes new construction a difficult sell for many contractors, as the supply is not met with a big enough demand.

From where the current trends stand, many builders are confident that building rates will continue to rise. Hurricane Sandy is likely to cause November rates of property construction to waiver, but many contractors are expecting construction rates in New England to boom in the New Year as families begin repairing what was damaged during the storm.

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