The housing market is still in recovery following the bust of the mid-2000s. However, that may behind the country as new reports indicate that the number of housing purchases have increased, remodeling figures have risen and people are spending more.
The Tribune Papers reports that sales of new single-family homes have increased 4.4 percent from October 2012 to November 2012. In addition, according to data from the U.S. Census Bureau, home sales have risen 15 percent in a year-over-year comparison of November.
However, it's not just new housing that is recording an increase in sales and fiscal gain. The news source reports that general contractors and remodelers are seeing an uptick in jobs. Local Home Builders President David Mayo, who runs Providence Custom Homes, told the source that he has seen an increase in the number of remodeling projects being conducted in the past 12 months. A lot of these home improvements are categorized as eco-friendly advances put in place to increase the energy efficiency of a house - like radiant floor heating.
Many of these remodeling projects are focusing on improving the energy efficiency of a home and the comfort an owner will feel when she or he walks into the space - instead of how it will resale. In addition, more homeowners are willing to forgo square footage for quality furnishings and features - a significant change from just 10 years ago.
In a custom house "they invest in what they want for themselves, not necessarily for what you get back in resale," Mayo told the news source. "Radiant floor heat in the entire basement (which he just put into a home for $7000 more) or more expensive tile may not add much to the resale value. But the comfort is worth it to them."