Residential remodeling
activity increased in 2010,
showing gains for the 14th
straight month, as many
homeowners continue to
choose remodeling over
purchasing a new home.
Residential remodeling
activity grew 18 percent
nationwide between December
2009 and December 2010,
according to the latest
index based on building
permits filed with local
building departments across
the country.
All regions in the U.S.
except for the Midwest
showed year-over-year
increases in remodeling
activity. The Midwest index
decreased by less than one
percent. The West had its
highest numbers in index
history, while the South had
a four-year high.
In the 2010 Year in Review,
remodeling activity in 2010
resembled what 2008 could
have looked like if the
housing market had not
collapsed.
|
HOUSING STARTS UP 14% IN JANUARY
Housing prices in
more than half of the major metropolitan
areas experienced gains during the
fourth quarter, according to the
National Association of Realtors.
Overall, sales rebounded in 49 states
and 78 metropolitan markets showed price
gains.
Although total state existing-home sales
rose 15.4% during the fourth quarter,
they remained 19.5% below the surge in
the fourth quarter of 2009, which was
fueled by the first-time buyer tax
credit deadline.
“Home sales clearly recovered in the
latter part of 2010 and are helping to
absorb the inventory, including many
distressed properties,” said Lawrence
Yun, NAR chief economist. “Even with
foreclosures continuing to enter the
inventory pipeline, they’ve been selling
well and housing supplies have trended
down. A recovery to normalcy requires
steady trimming of the inventories.” |
