With the warmer weather upon us, Willetts Properties team has been working around the clock. With the new tourist activity increasing, we have been busy working open houses, and making presentations. The team has taken over a new home neighborhood in the Sunset Beach area, Sunset Ridge, with homes starting in the low $200s. This new neighborhood is just one example of the rising local building permits being issued.
The Commerce Department reported construction starts on new U.S. homes rose by 8.2 percent in April and applications for new building permits also increased for the first time in five months, showing signs of rebirth.
Starts in April ran at a 1.032-million-unit annual rate, up from a revised 954,000-unit rate in March, while permits gained 4.9 percent to 978,000 a year from a revised 932,000 in March. Starts on multiple units buildings increase but single-family home starts fell. Nonetheless, it was a significantly stronger overall performance than anticipated by economists surveyed by Reuters.
The jump in overall April starts was the biggest monthly increase since a 14 percent rise in January 2006, while the gain in permits was the largest since a 6.7 percent gain in December 2006.