Building permits up nationwide, evident in Raleigh
According to The Associated Press, builders in the United States are requesting more permits to construct homes than they have since September 2008. The Commerce Department explains in a recent report that 747,000 residential permits were requested in March 2012 - the highest number of requests in over three-and-a-half years.
This increase in building permits is a positive sign for the real estate industry because it shows builders are confident in the market. Permits provide a gauge for future building and an increasingly stable industry.
"The fact is that single-family and multifamily starts and permits were all stronger in the first quarter of 2012 than they were in the fourth quarter of 2011, indicating that the market continues to slowly strengthen, albeit in fits and starts," said chief economist for the National Association of Home Builders David Crowe to The Hill.
New developments are popping up all over the area, increasing the number of new homes for sale in Raleigh-Durham. For instance, The Triangle Business Journal reports a developer recently released plans to build a $1.5 million condominium complex in Raleigh's Five Points neighborhood - one of many welcome additions to the Raleigh-Durham housing market.