New home construction may pick up in Houston

Houston could see higher home sales with construction picking up.The Houston real estate market may experience increased levels of new home construction, as builders were more confident in August.?Confidence in the market for newly built, single-family homes jumped three points to 59 in August, according to the National Association of Home Builders/Wells Fargo Housing Market Index. This was the fourth straight?monthly?increase, and the?highest level reached?in close to eight years.?”Builders are seeing more motivated buyers walk through their doors than they have in quite some time,” said NAHB chairman Rick Judson. “What's more, firming home prices and thinning inventories of homes for sale are contributing to an increased sense of urgency among those who are in the market.”It appears as though the shortage of existing homes has already pushed the level of new home construction up, as housing completions edged up 1.8 percent in July when compared to the previous month and 15 percent year-over-year, the U.S. Department of Housing and Urban Development noted.?As more homes hit the market, inventory levels should balance out, which can lead to heightened buying activity in Houston – and the rest of the country.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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