Denver, Colorado builders stepped up home construction in May and applied for permits to build single-family homes at the fastest pace in five years. The gains show housing remains a key source of growth for the economy.The overall pace of homes started rose 6.8 percent last month to a seasonally adjusted annual rate of 914,000, the Commerce Department said Tuesday. That offset part of the 14.8 percent decline in April. May's rate is still below March's pace of more than 1 million — the fastest in five years.Construction increased in May for both single-family homes and apartments and condos.And builders sought more permits to build single-family homes, which make up nearly two-thirds of the market. The seasonally adjusted annual rate rose 1.3 percent to 622,000 — the highest since May 2008. That's a sign that construction will increase further in the coming months.Overall permits fell 3.1 percent in May to a seasonally adjusted 974,000. But that was because of a drop in apartment permits.Overall, the report points to more evidence of a housing recovery that has become sustainable. New-home construction has risen 28.6 percent since May 2012.
Author:Jason Peck Phone: 720-446-6301 Dated: June 19th 2013 Views: 5,412 About Jason: ...
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"We worked with Karen Venier for a relatively short time for a good reason: our home sold at full price within hours of hitting the market! While it’s true that the Denver housing market is “hot,” credit for the speed and ease of our transaction belongs to Karen. She was great to work with, giving us perfect advice about readying our home for sale and then expertly guiding us from offer to close. Along the way, we came to appreciate Karen for her skillful blend of professionalism and personal touches – like dropping off our favorite beverages during a particularly stressful time in our move or shoveling our driveway in subzero temps after we’d left the state (way beyond the call of duty!). Now that we’ve relocated to Wisconsin, we keep saying that we wish Karen could be our buyer’s agent here. Since that’s not possible, we’ll shout her name loudly to whoever might be looking for a home in the Denver area.
Thanks for the great work, Karen!