According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, new residential construction in the nation rose 3.6% last month to an annual adjusted rate of 582,000 homes, a full 20,000 more homes built from last May.
Single-family homes have predominated the increase in construction, rising 14.4%, while multifamily projects, such as new apartment units and other commercial real estate developments, declined approximately 25.8%.
While funding to buy homes still remains tight, says IHS Global Insight economist Patrick Newport, financial plans are available for interested homebuyers who have good credit and secure an adequate down payment.
It seems that more families are carefully taking the next step and buying new homes, steadily nurturing the housing market back to its former levels.
Source: Houston Business Journal