Home construction went up 46% from March 2012 to March 2013, according to an article from realtormag.realtor.org. The housing market continues to make a comeback, and low mortgage rates have led to a significantly increased demand for housing, both in Irvine and across the nation.
The Commerce Department reports that between February and March, new home construction went up 7% and hit a seasonally adjusted rate of 1.04 million. Much of the new housing includes apartments, which went up 31.1% in the last year. Regionally, new home construction has gone up 9.6% in the Midwest, 10.9% in the South, and the West has seen housing construction go up 2.7%. The only area of the country to see a decrease in new construction is the Northeast.
According to Rick Judson, chairman of the National Association of Home Builders, there is an influx of young people who are driving the new housing construction. Judson said the rising construction rate “is a reflection of the solid demand that many areas are seeing for rental apartments as young people take that first step into the housing market, which is a very positive development.” The strengthening job market and U.S. economy means that housing is once again becoming affordable for younger people.
There are lots of excellent real estate opportunities in Irvine, and many reasons to consider becoming an Irvine home owner. It’s a perfect time to explore available Irvine homes as mortgage rates drop and the housing market improves.