According to a recent article in the Wall Street Journal, the housing market continues to be on the increase as we saw in 2015. After a slow first quarter in the 2016 housing market, many wondered if the new year would not bring as busy of a home buying market as 2015 did. However, single-family housing starts went up 16.8 percent for the first four months of 2016, compared with the same timeframe in 2015. There was an increase in 6.6% of housing starts during the month of April alone. If you have been looking for Pittsburgh custom builders to build your new home this spring, or already purchased your new Parry Custom Home, you may have noticed that the spring months were quite busy in the housing market as you searched.
The churn of new housings starts was given a jump in the Midwest, and with a pickup in multifamily construction. Demand for housing has been steady since 2015 as the interest rates continue to stay low and the ongoing job creating seems to be taking place in the economy to boost home sales.
The housing starts rose 6.6 percent from a month earlier to a seasonally adjusted annual rate of 1.172 million in April of this year.
Single-family homes account for two-thirds of new construction, and rose 3.3 percent in April. Multi-family buildings with five or more units rose 10.7 percent to 373,000. This includes apartments and condominiums combined.
New applications for building permits, which are a good indication for future construction, rose 3.6 percent to 1.116 million, which was previously going downhill at 1.077 million in March of this year.
The summer and fall markets to come will be a telling sign if 2016 will surpass the hot streak that 2015 started in new home starts and sales. If you are still in the market for a new home as summer approaches, contact Parry Custom Homes today to see how they can turn your new dream home into a reality.
Parry Custom Homes is an established homebuilder in the Pittsburgh area. Call or contact us today for more information about this floor plan option, or to view other homes in our portfolio that may suit your new home needs.