U.S. housing market continues to get stronger
Posted on Tuesday, June 25, 2013 at 9:26:03 AM
The U.S. housing market has continued its positive growth in 2013, with an increase in housing prices and builder confidence behind the trend.
Starting new developments has become easier, and building permit distribution is almost as high as it was in 2008, according to the Census Bureau.
Lower mortgage rates have increased the amount of potential buyers looking into residential financing, and their confidence in quality new homes has reflected on housing prices.
The Federal Housing Financing Authority house price index has shown another quarterly increase for 2013, now 6.7 percent higher than before. Even with the upward trend, in most areas across the U.S. it is still more affordable to own rather than rent, according to a MarketWatch report.
"The rise in house prices is one of the reasons we're glad to be offering a great value on quality, spacious low-maintenance townhomes for sale," said Brian Rosen, builder of new townhomes in Highrose Ridge, NY.
The MarketWatch report states that housing sales are trending up across the country, not just in New York. The tough housing market in Phoenix, Arizona, which used to see 67 percent of its houses sold as foreclosures or short sales, had been reduced to less than 43 percent by April 2013.
Builder and buyer confidence is strengthening the market, and now can be a good time to buy in many parts of the country.