The construction of housing remains strong at the moment in the United States, including in New York. The hope is that this strong construction will help to spark economic growth during the remainder of 2018. The construction may also help to ease increases in home prices during the next several months, thus sparking more residential real estate transactions.
The quantity of brand-new housing units that were under construction recently increased nearly 10 percent in a month's time to a yearly rate of 1.3 million. This is the third boost in just four months. Builders have additionally shown signs of potentially ramping up construction in the next few months.
The quantity of permits that builders have lined up for construction increased 7.4 percent in January to a yearly pace of 1.3 million. The current level of the construction of new homes is still far below what was normal in the past. However, at least gradual improvement is taking place in this area. The current numbers are especially encouraging since they indicate that construction started despite the cold weather than many areas of the United States experienced in January.
As home construction continues to strengthen, now may be an ideal time to buy a home. However, the home-purchasing process can be daunting, especially for first-time homebuyers. Still, it can be confusing even for those who have purchased homes before, as no two residential real estate transactions are the same. Fortunately, an attorney can provide the necessary guidance to seal the deal in the most personally beneficial manner possible for a homebuyer in New York.
Source: realtor.com, "U.S. Home Construction Rose 9.7% in January", Laura Kusisto and Josh Mitchell, Feb. 16, 2018