Home construction picks up slightly
June 16th, 2011 9:44am
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Data from the Commerce Department showed that new home construction increased 3.5 percent during the month of May, making up in part for a decline from April.The gains boosted construction to a seasonally adjusted annual rate of 560,000. Single-family home construction - the largest segment of the market - jumped 3.7 percent.
"While the upward movement registered in today's report is somewhat good news, housing production continues to bounce along the bottom near historic lows, and is only running at a level necessary to replace dilapidated or destroyed units," said Bob Nielsen, chairman of the National Association of Home Builders.
Building permits showed stronger growth, jumping 8.7 percent during the month to an annual pace of 612,000 - the quickest pace in five months. Permits for multifamily properties spiked more than 23 percent to their quickest pace since October 2008.
Sales of new homes in the Houston real estate market has also been encouraging. Metrostudy recently reported there were more than 16,700 new homes built from mid-2010 through the first quarter of this year. At the same time, more than 18,600 were sold.
Courtesy of 2M Realty News
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