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Single-family housing rises in December

Single-family housing rose in December, according to the U.S. Department of Commerce.

Single-family housing rose in December, according to the U.S. Department of Commerce.

According to recently released figures by the U.S. Commerce Department, production of new single-family home rose 4.4 percent in December.

The seasonally adjusted annual rate of single-family homes increased to 470,000 units, which marks the third consecutive increase and fastest pace of single-family housing starts since April 2010.

“Today’s report adds to the growing evidence that demand for new, single-family homes is finally starting to firm up in an increasing number of markets nationwide,” said Bob Nielsen, chairman of the National Association of Home Builders and a home builder from Reno, Nevada. “This emerging trend is allowing builders to put more crews back to work, and could be even stronger if not for the overly tight credit conditions that prevail for both builders and buyers, as well as the continuing foreclosure crisis and the challenges of obtaining accurate appraisal values on new homes. Policymakers should be doing everything possible to alleviate these problems and nurture the fledgling housing recovery in order to promote job and economic growth.”

Despite the encouraging numbers in the single-family home market, the overall number of housing starts for December declined 4.1 percent to a 657,000-unit rate.

With mortgage rates expected to remain low in 2012, home sales are expected to grow between 2 and 5 percent year-over-year, which might result in Americans seeing more moving trucks around the country.