Categorized | Featured, Residential

US Housing Market Growth Is Strongest It’s Been in Four Years

US Housing Market Growth Is Strongest It’s Been in Four Years
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Signs continue to point to recovery for the United States housing market. As construction on new homes increased in April, the overall residential real estate market continued to grow in strength.

Builder confidence is the highest its been since mid-2007. The number of housing starts jumped up nearly three percent in April after increasing again in March. The figures for both March and April easily exceeded the original expectations. Economists and builders both expect the trend of growth to continue into future months.

While multi-family homes are dominating the pre-existing residential real estate market, single-family homes are doing exceptionally well on the new construction market. Total new construction for single-family homes was up more than two percent in April when compared to March. The numbers are up nineteen percent from where they were a year ago.

Although confidence is growing, and the market has shown great signs of improvement, economists do warn that it is still in a slump. The residential real estate market hit its bottom this year. While it is expected to see some growth in 2012, it will likely be minimal at best.

Should the residential real estate market continue to gradually improve as expected, other industries will benefit immensely. Not only will housing construction see an increase, but retailers selling raw materials will also reap excellent benefits. Most experts believe that the residential property market will be a contributor to the growth of the economy in the United States for the first time in a few years.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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