New Construction Starts up 23%

More incredibly positive news for Denver homes came out today. The commerce department released the latest statistics showing that new construction starts in November jumped 23% and hit the highest number since February of 2008 at the begining of the recession.

We've been seeing evidence of this as have begun to pick up after over a year of a severely diminished housing inventory. It's interesting to see the numbers for the rest of the nation following suit.

From DailyFinance.com:

U.S. builders broke ground on homes at the fastest pace in more than five years, strong evidence that the housing recovery is accelerating despite higher mortgage rates.

The Commerce Department said Wednesday that developers began construction on houses and apartments in November at a seasonally adjusted annual rate of 1.09 million. That's 23 percent more than October's pace of 889,000 and the fastest since February 2008, just a few months after the recession began.

Construction of single-family homes jumped 21 percent to an annual pace of 727,000, also the highest in more than five years. Apartment construction soared 26 percent to a 354,000 annual pace.

If you are interested in buying a new construction home in Denver, give us a call. New home builders are not required to use the state approved contracts that all other sales use, and you truly need buyer representation on your side. You can reach us at 303-726-1874.