Nationwide construction rate rises in October

Nationwide housing starts increased 3.6 percent from September to an annual rate of 894,000 units.The housing construction rate increased in October, as a greater number of builders recognized the void left by fewer existing homes listed on the market. This development could give Houston homebuyers and consumers across the country more options to purchase property in the near future.During the month, nationwide housing starts increased 3.6 percent from September to an annual rate of 894,000 units, according to a report from the U.S. Department of Housing and Urban Development. Meanwhile, on a year-over-year basis, the residential construction rate spiked nearly 30 percent from a rate of 667,000 units in October 2011.”October's gain is centered in the West and Midwest with the South posting a small decline and the Northeast, which was hit by Hurricane Sandy at month end, posting a sizable decline,” said analysts from Econoday.However, the number of building permits issued during the month declined 2.7 percent, which could indicate fewer new home builds in the near future, though this wasn't entirely unexpected, as real estate activity often declines in the fall and winter months.?For now, residents should continue to have a number of purchase options when it comes to Houston real estate. ?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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