May sees residential construction spending hit four-year high
The worries of lagging inventory levels may soon be soon be a thing of the past for many states along the East Coast, as substantial increases were observed in construction spending.
In a recent report, the Department of Commerce outlined the amount of funds spent on building projects during May, which was recorded at a seasonally adjusted annual rate of $874.9 billion. This data represents a 0.5 month-over-month improvement over the April estimate and marks a 5.4 percent year-over-year uptick from figures noted in May 2012.
But what does this all mean for you? Well, if you are currently hunting for an acceptable house to purchase, you may be able to take advantage of a larger array of available homes at affordable prices. In May, total residential construction was observed at a seasonally adjusted annual rate of $322.3 billion, modestly higher than the preceding month’s pace.
As increases in construction spending are exhibited in many areas, the Loan Officers at Poli Mortgage Group are preparing to welcome a number of new clients. We have originated more than 40,000 mortgages in our 12 years of service, and are eager to help more individuals realize their dream of homeownership.
Home builders report heightened confidence
With an increasing number of buyers and sellers in regional real estate sectors across the Eastern Seaboard, many construction professionals have already experienced a boost in business and a related uptick in confidence levels. According to a recent release from the National Association of Home Builders, the advancements seen in housing during May led numerous members to adopt optimistic outlooks for future months.
“The outlook for housing continues to brighten as builders respond to increased demand for new homes and rental apartments,” said Rick Judson, chairman of NAHB. “While challenges with regard to the cost and availability of building materials, lots and labor are still keeping the pace of improvement in check, both builders and consumers are more confident about their prospects in the current marketplace.”
Are you hoping to purchase a newly-built home? We at Poli Mortgage Group are here to help. Every day, we offer each of our clients’ individualized attention and competitively low rates, and assist countless buyers in obtaining the home of their dreams. To learn more about our many products and services, contact us today by calling (866) 353-7654.