Local housing market continues to outpace much of the nationThere is encouraging news tonight concerning the local housing market. The numbers are now backing up the statements that the metro is outpacing much of the nation.
The spring flood of 2009, which shut down the housing market for 3 months, couldn't wash away local home sales. In fact, the metro saw its first increase in 4 years in the number of homes being built.
Word from area home builders today is the housing market has bottomed out and is now starting a slow climb. New figures released today by the Homebuilder’s Association show single family home construction up 5 percent.
Multi-family housing took the biggest jump, up 47 percent from 2008. That's due to more student housing and rental demand. West Fargo continues to see the biggest housing boom in the metro with a 30 percent increase in new homes.
A lot of the credit is being directed toward federal and local tax breaks for homebuyers; all signs leading to a slow economic recovery. Existing home sales are up as well as the average sale price of a home.