More Signs of a Boston Area Housing Rebound

A Boston area housing rebound appears to be fully underway. There was a significant increase in both housing starts and building permits locally last month, as well as nationwide.

Boston Area Housing Rebound Includes More New HomesOn a national level, housing starts rose 6.9% in June to a 760,000 annual rate, the highest level in four years. That’s up an impressive 23.6% compared with a year earlier. Permits to build new homes fell slightly from revised May numbers to 755,000, but were up 19.3% compared with June 2011.

Boston Area Housing – The Stark Reality

Boston area housing has seen many house hunters start out looking for existing homes in picture-perfect, move-in condition, only to be disappointed in what they found. Few of those homes are available because the owners are sitting on them. Many owners are just not selling now, forcing many would-be buyers to look to new construction to get what they want.

A separate release from the National Association of Home Builders (NAHB) reported that builder confidence is at its highest level in five years.

Builder confidence increased by solid margins in every region of the country in July. “Views of current sales conditions, prospects for future sales and traffic of prospective buyers all improved,” said Barry Rutenberg, NAHB’s chairman.

With home building numbers on the rise and prices solidifying, the Boston area housing market should start contributing to national economic growth for the first time since 2007. The contribution will be even larger next year as home building continues to increase, foreclosures work their way off the market, and prices see more consistent gains.

If you’re ready to dive into the Boston area housing market, make sure you don’t do it without the expertise of your own agent. Contact us for more information about Boston area housing and some of the pros and cons of buying now.

Also of Interest  Boston Area Real Estate News - May 2014