Hardly any change in housing starts nationwide in February, inching down only 0.2%. The seasonally adjusted annual rate of 907,000 units, according to U.S. Department of Housing and Urban Development and U.S. Census Bureau.
Builders are in a holding pattern continuing the January trend as reported by National Association of Home Builders. New home construction has been in a lull due to a relatively harsh winter. The spring selling season begins along with low mortgage rates and home prices that are still very affordable point to an optimistic view that the housing market will continue to strengthen through the rest of the year.
Locally, in the North Georgia Blue Ridge area, new construction has been fairly anemic over the last few years. Resale inventory is the lowest it has been in five years. Sellers who gave up and opted to wait out the downturn may find now is a good time to get back in the market. Some buyers are having difficulty finding the vacation home they desire and are opting to build instead. We are still digging out but overall, the market is improving in the Blue Ridge Mountain area.