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Lower Home Supply, Choose Modular Construction - Massachusetts

If you are interested in building a new home, 2014 is the time to start the process. Modular construction is on the rise as consumers realize the advantages and benefits over traditionally built homes. As home prices and interest rates continue to rise, and home supply decreases, new home construction has become more appealing to many. Custom designed modular homes are the better option for many new home buyers.

Purchases of new homes exceeded projections in November, holding near a five-year high and showing the housing recovery was gaining momentum even as mortgage rates climbed.

Home purchases are strengthening as builders respond to pent-up demand unleashed by employment gains and record-high stock prices. Applications for building permits held near a five-year high in October, signaling a pickup in new-home construction will be maintained through the start of 2014.

The supply of homes dropped to 4.3 months, the lowest since June, from 4.5 months in October. There were 167,000 new houses on the market at the end of November, down from 179,000 the prior month.

Many homebuilders see the rise in interest rates as a short-term “pause” for buyer demand that won’t crimp an acceleration in the housing recovery next year.

If you are interested in modular construction for your new home next year, contact Avalon Building Systems.

Bloomberg.com

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