The Norman Transcript

Headlines

January 19, 2013

Back to building

WASHINGTON — The aftermath of the housing bust forced many homebuilders to dramatically scale back construction on new homes to avoid the risk of ending up saddled with a trove of newly built, yet unsold properties.

But an improving housing market has homebuilders feeling more confident about sales, and that’s likely to kick the pace of new construction into a higher gear this year.

The Commerce Department said Thursday that builders broke ground on houses and apartments last month at a seasonally adjusted annual rate of 954,000. That’s 12.1 percent higher than November’s annual rate. And it is nearly double the recession low reached in April 2009.

Construction increased last month for both single-family homes and apartments. And the pace in which builders requested permits to start more homes ticked up to a 4 1/2 year high.

For the year, builders started work on 780,000 homes. That’s still roughly half of the annual number of starts consistent with healthier markets. But it is an increase of 28.1 percent from 2011. And it is the most since 2008 — shortly after the housing market began to collapse in late 2006 and 2007.

Steady hiring, record-low mortgage rates and a tight supply of new and previously occupied homes available for sale have helped boost sales and prices in most markets. That has persuaded builders to start more homes, which adds to economic growth and hiring.

David Williams, a homebuilding analyst with Williams Financial Group, says builders are very closely tied to what’s happening in the housing market and they’re going to build homes to meet demand, but not go overboard.

“I don’t think, at this point, that they’re going to overbuild,” Williams said, noting that homebuilders are still holding back on building too many spec homes, or properties built before they’re sold.

Having some spec homes can help sales, especially when a buyer isn’t willing to wait several months for their home to be built. Builders tend to put up more of those homes heading into the spring home-selling season that traditionally begins next month.

Text Only | Photo Reprints
Headlines
  • Norman firefighter performs Heimlich maneuver on Moore man after he chokes on food

    What started out as a normal night out for a Moore couple ended with them being thankful a firefighter was in the right place at the right time....

    July 22, 2014

  • Common Core repeal has state teachers worried about instruction

    OKLAHOMA CITY — With the Legislature’s repeal of tough, new English and math standards known as Common Core, education leaders said they’re concerned Oklahoma students will fall further behind their counterparts in more than 40 states ...

    July 22, 2014

  • 18-year-old killed; 72-year-old man, young boy injured

    Those involved in the wreck Friday near 136th Avenue and South Sooner Road were identified Monday by Oklahoma City police. Logan Rosado-Santoni, 18, was pronounced dead on the scene after the 4:30 p.m. multi-vehicle wreck. Two others were ...

    July 22, 2014

  • New AP program to begin in Norman

    NORMAN — Norman Public Schools Board of Education learned about Advanced Placement Capstone at a regular board meeting Monday....

    July 22, 2014

  • Rebels release train with bodies from jet

    HRABOVE, Ukraine — Bowing to international pressure, pro-Moscow separatists released a train packed with bodies and handed over the black boxes from the downed Malaysia Airlines plane, four days after it plunged into rebel-held eastern ...

    July 22, 2014

  • Gaza death toll passes 560

    GAZA CITY, Gaza Strip — A high-level attempt by the U.N. chief and the U.S. secretary of state to end deadly Israel-Hamas fighting was off to a rough start Monday: Gaza’s Hamas rulers signaled they won’t agree to an unconditional ...

    July 22, 2014

  • Moore City Council paves way for Sam’s Club location

    MOORE — The Moore City Council approved a $5 million bond Tuesday to be repaid with sales tax and utility revenues. “A good amount of street improvements needs to be done,” Moore City Manager Steve Eddy said. “This will be paid for with ...

    July 22, 2014

  • Perry sending Guard troops to border

    AUSTIN, Texas — Gov. Rick Perry is deploying up to 1,000 National Guard troops to the Texas-Mexico border over the next month to combat what he said Monday were criminals exploiting a surge of children pouring into the U.S. illegally. ...

    July 22, 2014

  • Better weather to aid in fire fight

    SPOKANE, Wash. — Calmer winds and cooler temperatures were allowing firefighters to go on the offensive Monday against a destructive wildfire that has charred hundreds of square miles of terrain in Washington State and is the largest in ...

    July 22, 2014

  • Gay, transgender workers gain U.S. bias protection

    WASHINGTON — President Barack Obama on Monday ordered employment protection for gay and transgender employees who work for the federal government or for companies holding federal contracts, telling advocates he embraced the “irrefutable ...

    July 22, 2014