Building Permits and Housing Starts 2015

According to the latest U.S. Housing and Urban Development privately owned housing building permits were up 7.7 percent in February 2015, compared to the same period in 2014. Although the same report mentions housing starts were down 12.5 percent in February 2015 compared to the same period in 2014.

BUILDING PERMITS Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,092,000. This is 3.0 percent (±1.7%) above the revised January rate of 1,060,000 and is 7.7 percent (±2.0%) above the February 2014 estimate of 1,014,000. Single-family authorizations in February were at a rate of 620,000; this is 6.2 percent (±0.9%) below the revised January figure of 661,000. Authorizations of units in buildings with five units or more were at a rate of 445,000 in February.

HOUSING STARTS Privately-owned housing starts in February were at a seasonally adjusted annual rate of 897,000. This is 17.0 percent (±9.5%) below the revised January estimate of 1,081,000 and is 3.3 percent (±12.5%)* below the February 2014 rate of 928,000. Single-family housing starts in February were at a rate of 593,000; this is 14.9 percent (±10.0%) below the revised January figure of 697,000. The February rate for units in buildings with five units or more was 297,000  Full News Report

Although, Kiplinger forecasts that home construction will continue to rise throughout 2015 to easily surpass 2014 levels.

We expect single-family housing starts to expand at a double-digit rate in 2015, on a pace to hit 770,000, up from 646,000 last year.
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Most housing experts continue to believe that housing will continue to perform well over the next few years barring any unforeseen circumstances that may impact employment and financing options.  Many individuals have been saving for the stricter down payment requirements that most home lenders are now requiring, which will allow more individuals to qualify for home loans.  Lending institutions are also loosening some requirements for home loan approvals, which should also contribute to increased numbers of individuals being able to purchase a new home.

Many housing markets across the country continue to see increased sales and home valuations.  Portland, Oregon is one housing market that continues to see robust sales and price appreciation.  With a strong business base, unlimited outdoor recreational activities and a great quality of life, people continue to move to the area.  Oregon does have strict land use laws which limits the area and density of  housing construction, which tends to limit housing supply to meet the continued demand.

If you are thinking of moving to the Portland area and building a new home, you can find acreage parcels in areas surrounding Portland and there are lots available in the Portland metro area.  Typically the first thing you want to do is contact a local real estate agent to find a property where you would like to live.  Once you find property, then you can contact a local Portland home builder to see if they build homes on private property.  Stone Creek Building is a custom home builder in Portland that specializes in building homes on your property.  They are a certified green home builder which means they can build environmentally friendly, safe and energy efficient homes.

Building a home is typically a once in a lifetime experience, so you want to make sure you work with an experienced home builder that you feel comfortable building your dream home.