For a while, the job outlook for carpenters seemed rather bleak. With the past few years’ tough economic situation, most people didn’t have the extra money to even make simple repairs to their existing homes, let alone consider building a new one.
Well, it’s a good thing all our carpenters didn’t turn in their hammers for factory jobs, because housing has suddenly taken off like a shot.
According to research from the Commerce Department, new-home construction is more in demand now that it has been in the past nine years.
It seems that more people are getting tired of renting and living in apartments–the majority of this sway is due to individuals who want to build single-family homes.
This jump, which is the biggest we’ve seen in almost a decade, hit America in October and promises a much brighter-looking marketplace for those interested in buying a new home.
In October, construction of new homes jumped from 25.5 percent to a 1.32 million annualized rate. We haven’t seen any increases this fast since August of 2007 and the huge jump from September to October was so big, it beat all records since July of 1982! While single-family houses might be the most popular, multi-family homes weren’t left out of the mix either. Construction of these buildings rose by a whopping 68.8 percent!
Housing permits, which were expected to see a fall to a 1.19 million pace, actually increased to 1.23 million, or 0.3 percent. These permits, which are an important part of future construction, prove that new houses are going to keep going up.
Why has this happened? According to research, people have opted to start building houses again thanks to more job opportunities and a better overall financial outlook.
What does this mean for you? As more houses are being built, the housing market is guaranteed to flourish with new listings. More people will sell their old homes as they pursue something new.
If you’re in the market for a new house, this is certainly the window of opportunity to start looking for your dream home!
Speak with a Thousand Oaks mortgage expert today!