A recovery in new home construction appears to be underway, with significant increases in both housing starts and building permits last month, according to the Census Bureau.
Housing starts rose 6.9% in June to a 760,000 annual rate, the highest level in four years. That's up an impressive 23.6% compared with a year earlier. Permits to build new homes fell slightly from revised May numbers to 755,000, but were up 19.3% compared with June 2011.
Demand for homes has been strong in many markets.
"Homebuyers are like a herd of hungry goats right now, going from hillside to hillside looking for something to eat," he said. "There's not enough inventory to go around."
A separate release from the National Association of Home Builders (NAHB) reported that builder confidence is at its highest level in five years.
"Builder confidence increased by solid margins in every region of the country in July as views of current sales conditions, prospects for future sales and traffic of prospective buyers all improved," said Barry Rutenberg, NAHB's chairman and a home builder from Gainesville, Fla.
That optimism had a lot to do with recent home price increases, said NAHB's chief economist, David Crowe.
If you are in the market for a home at the Lake of the Ozarks, please give the Spouses Selling Houses team a call. Until next time! Ebbie :)
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