May 21

Builders Pick Up Pace to Meet Rising Demand

Builders Pick Up Pace to Meet Rising Demand

Builders Pick Up Pace to Meet Rising Demand. Image courtesy of stockimages / FreeDigitalPhotos.net

Builders Pick Up Pace to Meet Rising Demand. Image courtesy of stockimages / FreeDigitalPhotos.net

New-home construction is on the upswing: Housing starts climbed last month to the highest level in nearly seven and a half years, and building permits for future construction also reached a seven-year high, the Commerce Department reported Tuesday.

Nationwide housing starts rose 20.2 percent to a seasonally adjusted annual pace of 1.14 million units in April. That marks the highest level of housing production since November 2007 and the largest month-over-month increase since February 1991.

Housing starts for single-family homes — which make up the largest share of the market — rose to its highest level since January 2008, gaining nearly 17 percent month-over-month. Groundbreaking for the multifamily sector also had sizable gains, rising 27.2 percent last month. Housing permits, a sign of future home construction, rose to a near seven-year high at a 1.14 million unit rate.

Household formation is getting a boost as young adults find employment and move out on their own, housing analysts note.

“The strong rebound in housing starts confirmed expectations for housing to accelerate substantially in the second quarter and be a standout growth contributor amid otherwise sluggish indications for a pickup in GDP growth,” Ted Wieseman, an economist at Morgan Stanley in New York, told Reuters.

Regionally, groundbreaking for single-family homes and multifamily units rose by the most in the Northeast, increasing 85.9 percent month-over-month in April. The Midwest also gained 27.8 percent, and the West increased 39 percent. Housing starts dropped in the South by 1.8 percent, but building permits were up 9.9 percent there.

Overall, “the April gains make up for the production dips we saw in the past two months, but single-family housing is still only about halfway back to what could be considered a normal market,” says David Crowe, chief economist at the National Association of Home Builders. “With low interest rates and affordable home prices, we expect more upward momentum in the months ahead.”

Source: National Association of Home Builders and “Robust U.S. Housing Data Offers Hope for Second Quarter Growth,” Reuters (May 19, 2015)

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.