2012 Housing Industry Numbers Increase
According to Bloomberg News, several indicators that mark the U.S. housing industry recovery are positive. For example, new homes sold at a 328,000 annual rate in March 2012. The total was down from an upwardly revised 353,000 pace the previous month that was the highest in two years.
Permits for residential building also climbed by 4.5% to a 747,000 annual rate in March, the highest since September 2008. Private, residential fixed investments rose 9.1% from a year earlier. This marked the fourth consecutive quarter of nominal increases. It was also the fastest pace of yearly growth since 2006, according to federal data gathered. Spending on construction of new residential housing and improvements to existing homes is at a three-year high.
Home Depot and Lowe’s both saw same store sales rise from the same time last year. Home Depot saw a 5% increase and Lowe’s saw a 2.4% increase.
Calling this time period a “multi-year recovery,” analysts are hopeful the housing market is on a several year growth cycle.