Housing Starts Blow Away Experts

 

Even the experts were surprised to find that more new residential units were started in September than any month since July  2008.

 

Single-family home construction starts were the largest of the increase,  showing that builders are feeling positive and more confident about the housing recovery.  This is good news because in spite of tight financing, builders are delving back in.

 

 Savvy buyers are scrambling to get into properties now as the housing market rebounds.  Low inventory is beginning to push prices up and sellers might want to consider putting their property on the market now instead of after the first of the year when everyone else has the same idea.

 

The National Association of Home Builders/Wells Fargo Housing Market Index showed that builder confidence in the market for new single-family homes rose for the sixth straight month to its highest level since mid-2006.

“It’s no longer a question of whether the industry is rebounding,” Larry Sorsby, chief financial officer of Red Bank, New Jersey-based Hovnanian Enterprises Inc. (HOV), the best-performing homebuilding stock this year, told Bloomberg News in a telephone interview. “There is clear evidence that we have bounced off the bottom and are in the midst of a recovery.”

 

Nancy Puder is the broker and owner of Signature Properties, a prestigious real estate sales and management firm in Arroyo Grande, CA.  You may contact her at Nancy@NancyPuder.com or (805)710-2415 Your calls are always welcome!