By: Gulf Coast Business Review
Thursday, July 19, 2012
There were 556 single-family homes started in the area in the second quarter, an increase of 30.2% compared with the same quarter of 2011, real estate research firm Metrostudy reports.
In addition, housing starts in the area for the year to date rose to 2,087, an increase of 13.1% over the same time last year.
Finished vacant inventory decreased to 290 units in the second quarter from 426 units in the same quarter of 2011, a drop of 31.9%. This inventory represents a supply of 1.7 months, down from 2.4 months in the same time last year, Metrostudy reports.
“The reduced finished vacant inventory is typically a first sign of future housing start increases and dynamics which could include rising prices for the new-home sector,” Metrostudy’s Tony Polito says in a release.