Regardless of whether you’re navigating the new home sales market or the new construction market, you’ve likely heard some great news over the last few weeks.
That’s because both sectors of the national housing market have made gains recently, according to media reports.
If you’re planning on entering the market anytime soon as a buyer or seller, we recommend you continue reading to learn more about the latest trends on the housing market.
A Closer Look at US Single-Family Housing Starts
According to a recent Reuters article, groundbreaking for U.S. single-family homes increased to its highest level in more than 6 years in December.
Experts say that this, coupled with a huge jump in permits, hints at a recovering housing market.
Here’s what national data revealed about single-family housing starts:
- Single-family housing starts jumped 7.2 percent to a seasonally adjusted annual pace of 728,000-units.
- That figure is the highest level it’s been since March 2008.
- The jump in housing starts offset a 0.8 percent fall in groundbreaking for the multi-family homes segment.
- These two factors combined lifted overall housing starts 4.4 percent to a 1.09 million-unit rate last month.
- It should be noted that Wall Street had forecast starts rising to a 1.04 million-unit pace.
- For all of 2014, groundbreaking increased 8.8 percent to 1.01 million units, the highest since 2007.
- Single-family housing starts in 2014 were also the highest in seven years.
- Single-family permits increased 4.5 percent to their highest level since January 2008.
Equally Positive Signs Seen on for New Home Sales
Meanwhile, sales of new homes also showed signs of growth in recent months.
Here’s what Reuters recently reported about this subsection of the market:
- Sales increased 11.6 percent to a seasonally adjusted annual rate of 481,000 units.
- New home sales, which make up roughly 8 percent of the housing market, saw a total of 435,000 homes sold compared with 429,000 in 2013.
We’ll Help You Become an Informed Buyer or Seller
We truly believe that the more informed buyers and sellers are about the local housing market, the more likely they are to enjoy a successful outcome on the market. That’s why we bring you pertinent information about the housing market every month. Check back here soon for even more information about the current state of the housing market and how it may affect you. And as always, if you have any questions about the Ann Arbor Real Estate market, contact us at The Bouma Group anytime at 734-761-3060 or email info@bouma.com!