New York, March 21 (alphajetsusa.com) – The US builders are hopeful that the housing market will again gain momentum after seeing more people expressing interest in buying a home in the past six months.
According to Commerce Department, in February, builders asked for 5% more permits to build single-family homes and apartments in the coming months, thus increasing the annual rate to a seasonally adjusted 717,000 permits. Though, it is still half the rate considered healthy by most economists, it’s the highest since October 2008.
The rise in permits signals that builders expect to translate it into sales over the next 12 months. However, economists warned that construction levels will remain depressed, and the housing market has a long way to go before it is back to full health. Mortgage rates are hovering near record lows below 4%. And home sales started to rise at the end of last year.