April housing statistics show improving market
Posted on Monday, May 21, 2012 at 4:47:32 PM
The improving housing market has surpassed experts’ predictions for April. The Commerce Department reports that new housing construction increased 2.6 percent to a seasonally adjusted rate of 717,000 units in April 2012 – that is a 29.9 percent increase in residential construction in the past year, Reuters reports.
"Ideally supply is getting more in line with demand, and low rates may be finally helping the turnaround, David Carter, chief investment officer At Lenox Wealth Advisors in New York, told the news source.
This new increase in residential construction is good news for potential homebuyers. Those looking at their residential financing options may wish to consider diverting funds toward one of the new projects.
New homes are being designed to accommodate the latest living trends. Homes are getting more compact, and often include a mother-in-law suite for when adult children or aging parents come to stay. In addition, property will be more likely to include environmentally-friendly features such as energy-efficient heating and cooling systems.
Consider applying for home financing to move into a new house this year.