Each month, Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.” In December 2012, construction starts jumped dramatically, while home sales and the delinquency + foreclosure rate remained near their strong November levels. Construction starts leapt to a 54-month high in December. Starts were at a 954,000 annualized rate, up 12% month-over-month and up 37% year-over-year. That’s the highest level since June 2008. Looking at all of 2012, starts were up 28% compared with 2011, led by construction in Texas and the Carolinas and by a rebound in multi-unit building construction. Construction starts are now 47% of the way back to normal. Averaging the three back-to-normal percentages together, the housing market is now 52% of the way back to normal, compared with 27% in December 2011. [Read this article]
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Without even looking at the housing stats in Minneapolis as an agent you can really see the difference in the trenches. Between lower inventory in the western suburbs helping drive prices up and seeing multiple offers over and over again 2013 is looking much more promising.