It looks like housing will continue to excel into the new year, due to the rise in job creation and declining mortgage rates.
Another boon for housing is the rise in single family construction. Although levels still remain way below “normal” building conditions, increased construction ties directly back to an increase in available jobs, furthering the cycle for improved housing. According to a recent US News article, the National Association of Home Builders indicates that for every 1,000 single-family homes built, enough economic activity is created to sustain 2,970 jobs for a year, yielding $162 million in wage income and $111 million federal, state and local taxes and fees. NAHB notes that while half of these jobs are in the construction sector, the rest lie in associated business that grow along with housing.
For more information on how the housing market is likely to flourish in 2015, read the US News article, here.
This is very true about the Asheville, NC market as well. We should see an increase in Single family construction in Asheville.
Mary Jo Eskritt
The Eskritt Real Estate Group
http://www.theeskrittgroup.com
Bringing Buyers and Sellers Together
Who will be buying all of these new homes? The new home rebound was a result of lenders clearing out distressed lots and developments. Sold cheap to builders that built affordable homes. That does not mean you can start the push for 500K+ homes like here in North Atlanta. The market has not universally recovered.
It’s simple – and roundly ignored because it counters the fluff of this industry – until the economy fundamentally improves and people feel economically secure, things will be fluid. Minimum wage jobs and playing with data doesn’t equal recovery.
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