Housing Market Still On The Rebound
It looks like the U.S. housing market is still making gains in a slowly improving economy. Home prices have increased 6% when compared to the same time last year. This trend of higher house prices stretches across the country and is stabilizing both single family and multifamily housing starts.
David Crowe, Chief Economist of the National Association of Home Builders (NAHB), adds, “The broadening housing expansion is evidenced by the NAHB/First American Improving Markets Index, which now lists 273 metros areas out of a universe of 361, or three-quarters of the metropolitan areas in the U.S.,”
Other sectors will see growth along with the improving housing market. With increased housing demand, the need for building materials and skilled workers will also be needed. Residential remodeling is also making a return to pre-recession levels with a 2.2% rise from last year.
Both single-family and multifamily unit starts are both projected to grow. Multifamily unit starts are projected to increase by 35% in 2013 over 2012. Single-family units may see pre-recession levels as well with a 23% increase from 2012 to 2013, according to the NAHB.
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