Across the nation, the housing market is beginning to see some positive signs of change. June saw the highest jump in housing in 3 ½ years. According to the National Association of Homebuilders, homes being built this year have risen 36.9% in the West, 22.2 % in the Northeast and 4.2% in the South. The Midwest saw the only downfall with a 7.3% drop.
Patrick Newport, an economist with IHS Global Insight, is predicting a jump of homes being built to 765,000 homes this year; this is an increase from 612,000 built in 2011. While increase is good, it is still down from the usual 1.5 million starts we would see in a normal, healthy housing market. Newport and Robert Denk, a senior economist for the National Association of Homebuilders, say it will take three to four years for construction activity to return to its normal state. Newport also stated that the increase in jobs is assisting with the housing market. There are more young adults moving out of their parent’s homes and beginning to rent apartments or purchase a home of their own, which is helping the market.