Residential construction on the rise
Posted on Thursday, August 16, 2012 at 10:26:45 PM
The real estate market is experiencing decidedly positive momentum. According to the recent report released by the United States Department of Housing and Urban Development, privately-owned housing units authorized by building permits in July increased to a seasonally adjusted rate of 812,000. This is a 6.8 percent rise above the 760,000 of June and is an astounding 29.5 percent above the July 2011 estimate of 627,000.
With such positive figures being reported, more potential homebuyers may want to consider researching local MLS listings. Single-family homes featured an impressive growth rate of 4.5 percent to bring July 2012 numbers to 513,000. In addition, privately owned housing completions in July 2012 featured strong numbers. According to the source, 668,000 properties were finished during the month - a 7.1 percent increase compared to the previous month.
The increase in residential construction will improve the availability of housing selection, which could entice potential homebuyers to consider a home purchase in the near future. With residential financing options from Home Loan Investment Bank, any individual could find themselves a homeowner before too long.