Permits to build new homes rose sharply in may, suggesting a beginning housing recovery remains on track.
The Commerce Department said on Tuesday that although groundbreaking on new homes dropped last month, upward revisions to data for March and April put starts above 700,000 for five straight months, a first since 2008.
This means a big turn of eventst is under way: while the broader U.S. economy appears to be losing steam, housing is gaining traction and has become a relative bright spot. Homebuilder sentiment has risen to a five-year high.
“The incipient recovery in housing market activity, in short, seems not to have been affected by the recent softening in much of the other economic data,” said Ian Shepherdson, an economist at High Frequency Economics in Valhalla, New York.
Starts for single-family homes, which account for most of the market, increased 3.2 percent.
The House inspection was finished yesterday and there is a small list of things we have to fix up… not too bade at all. Now we just have to get the final bank and legal papers done and we can close and start the (miserable) process of moving. We think it will take us about a month to change houses, fix up the town house and put it on the market. Hopefully we’ll have it sold by the end of April or mid-May.
There are so many things to plan in moving here… getting fencing up for the dogs, figuring out what Elly needs to raise chickens (this is her first major farming item), having Dave come over to put in a door for the room we are converting into a first-floor bedroom, etc. etc.
So, plenty to look forward to… alot for an old guy like me.
- We’re really moving house… (growingmyfamilytree.wordpress.com)
- One step closer: A house for May! (thedoggerel.wordpress.com)