WASHINGTON : According to the Home Building Outlook, a report from the Hanley Wood Market Intelligence, home building reached its bottom in 2011 and is expected to show improvement in 2012.
New home sales in 2011 totalled 302,000 single family units, which is lowest annual number reported since 1963, the US Commercial Department reported.
New and existing home sales volumes stabilized in the last months of 2011 on a seasonally adjusted basis and are expected to show incremental gains in 2012.
There is a trend of multifamily units which will boost the construction activity this year. Hanley Wood expects multifamily housing will expand 27% this year to a volume of 218,000 units.
Jonathan Smoke, the executive director of Hanley Wood Market Intelligence, says,""It has been a long, difficult road for home builders and building product manufacturers in 2011, but we expect that 2012 should finally bring some reward for their diligence and perseverance".
According to him, a rapid recovery cannot be expected, but the five top ranked markets will see a average growth of 26% in new home sales in 2012.
The five top ranked home building markets for 2012 according to Hanley Wood Market Intelligence are Oklahoma City, OK; The Villages, FL; Washington,Arlington, Alexandria, DC, VA, MD,WV; Worcester, MA; and Portland,Vancouver, Beaverton, OR,WA.
The report also covers new home sales, construction activity of 940 markets in the country, and the largest 100 markets in US. It provides tangible quantitative insights into home building and new construction opportunities across 940 markets.
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