Housing starts up 6.8% in May

Written By: Miller and Associates Realty On: 18th June 2013 Under: Uncategorized

The government reported Tuesday that housing starts rose over 6% to a seasonally adjusted annual rate of 914,000.

Home builders have geared up construction of new homes and apartment buildings in the last month as the steady housing recovery continues to rise.

The rate of single-family home starts has increased by 0.3% in the last month after months of declining.

The continued improvement in the job market and low mortgage rates encourages buyers. A shortage supply of homes on the market has allowed prices to increase. Home prices have increased over 12% in April year-over-year.

Builders are raising prices. The continued increase in home prices suggest the market will continue to rise later this year.