List a home on Friday and you’ll have a greater chance of success when selling it, according to Redfin, which analyzed 1.2 million listings in 16 markets over 21 months to determine the best day of the week for selling a home. In every market analyzed, Redfin found that homes listed on Friday were 12...
Last month, home building was at its fastest pace in 17 months, rising 15 percent from August and posting the new-home sector’s best pace since April 2010, the Commerce Department reported Wednesday.
In September, single-family home building increased 1.7 percent, while apartment building jumped 53.4 percent.
Builders began work on a seasonally adjusted 658,000 homes in September. While that marks a big improvement, the level still remains only about half of the 1.2 million pace that economists consider healthy for the new-home sector.
Builders are continuing to struggle to compete against heavily discounted foreclosures and short sales that are plaguing many markets.
Building permits, which serve as a measure of future building, dropped 5 percent in September, the Commerce Department reported.
Yet, builders seem to be getting more optimistic that the new-home market is showing signs of improvement. The National Association of Home Builders reported on Tuesday that industry sentiment rose in October to 18, the highest level in over a year. However, overall sentiment about the industry remains low–any reading below 50 indicates negative sentiment about the housing market (a level that hasn’t been reached since April 2006).
Source: “September Home Building Rose 15%, But Permits for Future Homes Fell 5%” Associated Press (Oct. 19, 2011)