The market may have slowed, but CNN reports that one aspect of home sales is up -- new builds.
A recent government report showed that new home construction surged to its highest level in four months this August. That equated to an average increase of 10.5%!
Could this be a step in the right direction?
By sector, the market saw an up-tick in single-family new builds of 4.3% and a staggering increase in the start of multi-family homes of 5 or more units of 43%. This makes some sense given the number of American's forced to consider renting as an option post-recession and landlords of all sizes looking to capitalize on this fact.
However, even though new construction permits were also up in August (by 1.8%), they are down 6.7% from last year. These numbers show the national housing market has not yet fully recovered. As noted in our post on September 8th (In various report, Buffalo continues to rank as top housing market), Western New York has avoided that troubles inflicted upon so many elsewhere. We should continue to count ourselves as lucky.