We had so many years of bad news about the housing market that I will never get tired of hearing the good news coming out now on what feels like a regular basis. There’s no denying that the housing industry is improving, and this is good for everyone.
The New York Times recently looked at several aspects of the market and painted a pretty positive picture. For instance, 48,000 jobs were added to the construction industry in January. That’s the biggest jump in four years, and it means demand is increasing.
New homeowners are probably one of the biggest factors for the market turning around. When housing prices dropped, we saw current homeowners upgrade to larger homes. However, to grow the market we need new buyers. The news for younger potential buyers is very positive. Half of the first-time buyers we are seeing are between the ages of 25 and 34, and January saw the group have its highest employment rate since the end of the recession. With the job market improving, we can expect to see more young families buy their first homes, and this will continue to drive the market in the right direction.
Now that the big spring selling season is upon us, we are seeing more indicators reflecting the improving housing market. Confidence by home builders in the market increased this month from February.
What do you think about the housing market? Are you seeing more families buying their first homes? Let me know in the comments.
Until next time,