Single-family homes continue to show steady growth
Roseville, Calif., – A shortage of homes for sale combined with growing buyer demand has builders constructing more homes this year than in the last decade.
Builders have taken advantage of the need to balance the growing demand for housing with a dwindling supply. Combined with a strong economy, builders are breaking ground and building more homes.
Single-family homes continue to show steady growth and starts and permits are up year over year. This is a promising sign for growth in the housing market.
The chief economist at Nationwide, David Berson, believes housing starts for all of 2017 will be approximately 1.25 million. This would be the highest level of housing starts since 2007 and will provide some relief to the overall housing market.
Even though the expected increase in housing starts is higher than any time in the past decade, it is still below the historical average of 1.5 million and is contributing to the housing shortage. With rising population and steady job gains, more home construction is needed for the new households being formed.
If you or someone you know is considering buying new construction remember to take your Realtor with you when you visit the model homes. We can represent you and negotiate with the builder on your behalf. There is no cost to you and having an experienced agent on your side can be very beneficial.
