After many months (and years) of a down housing market, there is hope that things are going to turn around in the near future. In fact, recent data shows that this may be coming sooner rather than later.
While some parts of the country are sure to seem an uptick before others, any momentum in the right direction is well worth noting.
Backing up this claim is net income numbers from the home builder Lennar.
Here is what Stuart Miller, Chief Executive Officer of Lennar Corporation, said:
"Our first quarter results clearly reflect continued improvement in the marketplace. Current market conditions are driven by strong demand resulting from low interest rates and attractive home prices, which have led to very affordable monthly payments, compared to increasing rental rates. Supply continues to be limited by low home inventories and fewer competing homebuilders. Accordingly, pricing trends have been positive, as shown by a 13% increase in the average sales price of homes in our backlog at quarter-end, compared to last year."
Spectrem Group, a research and consulting firm in the wealth and retirement industry, added to this information by touching on some of the finer details related to the number of new homes being built.
The Commerce Department has reported that new home construction has increased by 0.8 percent in February.
According to the Spectrem Group, “the rate is 27.7 percent higher than the 718,000 pace for February 2012.”
If you believe the data that is out there right now, including information from home builders as well as the Commerce Department, you will also believe that home building and the housing market in general is making a comeback.
Click here to read the original article from Insider Monkey.