TracyRealEstateBlog - Home Prices Showing Signs of Topping Out

The annual measure of home prices still managed to increase 13.7% in November, but that was only slightly better than the rise in October.

The housing recovery was one of the stronger features of the economy last year. It boosted household wealth and home construction. With mortgage rates climbing steadily since hitting record lows in May, its clear the housing recovery is starting to lose steam. 

Housing may make further contributions to the economy in 2014, but it's pace is likely to slow during the year. Housing experts say that more modest price increases are probably a good thing for the housing market. The rapid increases of last year are not sustainable. 

Thinking of selling your home? Visit our automated www.CAHomeValuesToday.com for a FREE, No-obligation market analysis of your home. Your home's value directly to your inbox!

JUST LISTED! Open House -680 Marie Angela Drive, Tracy California

680 Marie Angela Drive, Tracy, California

Beautiful Two Story Home!

Property Details

$435,000

Listing Information

• MLS: 14004977
• Bedrooms: 4
• Baths: 2
• Partial Baths: 1
• SQ FT: 2355
• Lot Size: 4500 Sq ft
• Style: Contemporary
• Garage: 2 Car
• Schools: Tracy

More Information

http://www.tracyrealestatetoday.com/Blog/680-Marie-Angela-Drive-Tracy-California

Property Description

Beautiful Two Story Tracy Home! Open House on Saturday, 2/1/14 from 11am-2pm!  Custom two tone paint with laminate flooring throughout downstairs.  Spacious kitchen with lots of cabinets, counter space and an island. Newer Stainless Steel appliances.  Over sized master bedroom. Ceiling fans downstairs and in 3bedrooms.  In ground gunite spool (Pool/spa combo) with rock waterfall, and palm trees. Yard is fully landscaped. Come see this beauty!

JUST LISTED! Open House -680 Marie Angela Drive, Tracy California - Aguilera Real Estate Team Tracy Real Estate

TracyRealEstateBlog-Mountain House Weekend Update: January 24 2014

Here’s what’s happening in Mountain House CA this weekend!

 Shea Homes is releasing homes for sale at their neighborhood Campania on Saturday, January 25th. Plans 1, 2 and 3 homes will be released. Contact their sales office for more information!

At Alicante, built by Standard Pacific Homes, they have a June move-in home available! This Plan 3 home is 3,345 square feet (Lot 7) with 5 bedrooms and 4.5 baths. The home is priced at $589,470 square feet which includes a California Room for outdoor living! 

Considering a move to Mountain House? Questions about the value of your home? Visit our automated Home Value Website for a FREE, no-obligation home market analysis!

TracyRealEstateBlog- Tracy & Mountain House 10 Listings of the Week 1-24-2014

Below are some of the best listings that have become active in the past week in Tracy & Mountain House. Images are courtesy of Metrolist. If you are interested in looking at homes in our market, visit our search feature on our website today!

1. 187 W Viola Street, Mountain House - $488,000

This beautiful two-story home features 4 bedrooms, a loft and 3 bathrooms and approximately 2,420 square feet of living space. The Montalcino plan built by Standard Pacific Homes is loaded with over $40,000 + in upgraded gourmet kitchen. This home would make a wonderful place to live. Come and enjoy what this home has to offer!

2. 27277 S Leeward Way, Tracy - $1,200,000

Lovely custom designer estate located in Bojoli Estates. Main home has 5 bedrooms, 4.5 baths and is over 4,000 square feet. 1 bedroom and 1 full bath are upstairs. Master bedroom suite has separate area with 2 sided fireplace and French doors. Large sunroom overlooking the backyard for enjoying our warm season. 2 bedroom, 1 full bath casita located in the backyard.

3. 1645 Panorama Court, Tracy - $491,078

This home will be move-in ready by March! A Spanish inspired 4 bedroom and 3.5 bath home features an open floor plan with an expanded Great Room and Bedroom Suite just off the beautiful kitchen of Beech Recessed cabinets in Tell Tale Stain, Granite countertops, and Stainless Steel Whirlpool Energy-star appliances. 2nd Floor Master Bedroom Suite with walk-in closet. Interior Two-Tone Paint in main areas. Fully landscaped front & rear yard with patio. A 1 year builder warranty included.

 

4. 201 Kelley Mist Lane, Tracy - $489,000

A beauty with a nice pool and fully upgraded. Over $100,000 spent in upgrades throughout the house and back yard. Best model in the development!

5. 314 Ridgeview Drive, Tracy - $465,000

Bring the whole family in this 6 bedroom, 3 bath, 3,200 square feet home in the Jefferson School District. Master suite with dual sinks, elegant formal living room & dining room with wood floors. Large family room and kitchen. There are 2 bedrooms downstairs with a full bath. Access on room upstairs from Master or hallway for the perfect office, nursery or weight room. The backyard has mature fruit trees, a shaded patio and lots of room for entertaining. This home is BIG & Beautiful!

6. 4444 Lindsey Lane, Tracy - $444,950

Stunning 6 bedrooms 3 full baths, located in one of the most desirable locations in Tracy. Granite kitchen with black appliances, gas stove top, double oven, and gas fireplace surrounded by a gorgeous mantel. Water softener, plantation shutters all over, huge backyard. Located in Jefferson school district, close to the ACE train. Traditional sale with first owner.

7. 691 Alexandra, Tracy - $428,888

Gorgeous home in Hidden Lake! Close to main entrance and clubhouse. 4 bedroom, 3 bath. 1 bedroom and 1 bathroom located downstairs. Professionally landscaped front and rear yards. Dramatic high ceiling in living room. Upgraded kitchen with granite slab and stainless steel appliances. Hardwood floor upstairs, laminate downstairs. Two-tone paint, crown molding, double pane windows, curtains, and blinds. Washer and dryer included! Fruit-bearing trees as well!

8. 4467 Twin Creeks Lane, Tracy - $399,950

Beautiful Tracy home with a freshly painted interior and new carpets. Cozy fireplace in family room. Kit has island with sink and eating bar. Granite counters and tile floors. Large master bedroom has new cabinet and double sinks. New sod in front & in backyard with patio and storage building. Also possible side access. This is a must see home and will sell fast!

9. 1546 Arrigotti Lane, Tracy - $360,000

Outstanding single story home within walking distance to Art Freiler School. Beautiful open floor plan featuring 4 spacious bedrooms and two full baths. The master bathroom includes double sinks, deep jetted tub, roomy shower and lark walk in closet with mirrored door. Functional desk with numerous cabinets and drawers located in the spacious hallway. For those with that extra car and/or toys, take advantage of the roomy garage. This home is a must see!

10. 1953 Remembrance Lane, Tracy - $350,000

This home is beautiful and clean! Located in the desirable Edgewood neighborhood near Jefferson schools. This 4 bedroom, 2 bath home features fresh two tone designer paint. Dramatic ceilings! Window coverings, refrigerator, washer, dryer as well as a 1 year warranty are part of this transaction. Front and backyard already landscaped. Termite and roof report completed. Priced right and ready to move in!

TracyRealEstateBlog- Exterior Remodeling Largest Return on Investment

If you're looking to do some home improvement projects this year, sprucing up the outside of your home is going to give you the biggest bang for your buck, according to the 2014 Remodeling Cost vs. Value report released this month.

The report, an annual collaboration between remodeling magazine and REALTOR Magazine, compares the average cost for 35 popular remodeling projects with the value those projects retain at resale in 101 U.S. cities.

8 of the top 10 most cost-efficient projects nationally, in terms of value recaptured, are exterior projects.

There are many factors to consider, such as cost and time. Also you must decide which remodeling projects to actually do are a difficult decision for all homeowners. REALTORS know what home features are important to buyers in their area, but a home's overall appeal is crucial since it is the first impression for any potential buyers. 

A steel entry door replacement is considered the biggest return on investment, estimating that 96.6% of the costs are recouped once the home is resold. This particular remodel project is consistently the least expensive in the annual Cost vs. Value Report, at around $1,100 on average. 

Have you already invested capital improvements in your home and want to know it's value? Visit our automated Home Value Website for a FREE, no-obligation home market analysis!

TracyRealEstateBlog-The #1 Reason You Should Sell Your Home Now

The price of any item (including residential real estate) is determined by ‘supply and demand’. If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.

According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. Putting your home on the market now instead of waiting for the increased competition of the spring might make a lot of sense.

Buyers in the market during the winter months are truly motivated purchasers. They want to buy now. With limited inventory available in most markets currently, a seller will be in a great position to negotiate.

For information on selling in our local market, please contact our real estate agents for a free market analysis of our recent neighborhood activity. We are more than happy to answer any questions you might have!

The #1 Reason You Should Sell Your Home Now - Aguilera Real Estate Team | Tracy California Real Estate | Search Tracy CA Homes For Sale | Mountain House CA Real Estate

TracyRealEstateBlog-What To Know About Your Home and 2013 Taxes

Three important tax benefits used by millions of American homeowners expired on Dec. 31, 2013. If you're eligible, tax year 2013 is possibly the last time to claim the private mortgage insurance (PMI) deduction, the energy tax credit, and debt forgiveness benefit. If you have a home office, there’s a new, simpler option for calculating the home office deduction for which you may qualify on your 2013 taxes. Here's what you need to know about those expired benefits as you prepare your taxes:
PMI Deduction

This tax rule lets you deduct the cost of private mortgage insurance, which is what you pay your lender each month if you put down less than 20% on a home. PMI protects the lender if you default on the home loan. Your deduction could amount to a couple hundred dollars depending on your tax bracket and other factors.
Find out if you qualify for and how to take the PMI deduction.

Energy-Efficiency Upgrades

This sweet little tax credit lets you offset what you owe the IRS dollar-for-dollar for up to 10% of the amount you spent on certain home energy-efficiency upgrades, from insulation to water heaters. On the downside, the credit is capped at $500 (less in some cases). But on the bright side, the right improvement could lower your utility bills indefinitely.

Related: Take back your energy bills with these high-ROI energy-efficiency practices.

Debt Forgiveness

When you go through a short sale, foreclosure, or deed-in-lieu, your lender typically lets you off the hook for some or all of what you owe on your mortgage.

That forgiven mortgage debt is income, on which you’d typically have to pay income tax.

Suppose you’re in financial distress and your lender agrees to let you short-sell your home, say for $50,000 less than you owe on the mortgage, and forgive you for the balance. Without the protection of the Mortgage Debt Forgiveness Act, you’ll owe income tax on that $50,000.

It’s likely if you had the money to pay income tax on $50,000, you’d have used it to pay your mortgage in the first place.

New Simplified Option for the Home Office Deduction

This may be the last year for the benefits above, but a new one kicks in for the 2013 tax year. If you work from home, you may qualify to use a new, simplified option for claiming the home office deduction when you file your 2013 taxes.

How much simpler is it? It lets you claim $5 per sq. ft. for up to 300 sq. ft. instead of having to compute the actual expenses of your home office using a 43-line form. To calculate the square footage of your office, just multiply the length of two walls. For example, an 8-by-10-foot room is 80 sq. ft. And at $5 per, that’s $400.

Although using the simplified option is obviously easier, the basic requirements for claiming the home office deduction haven’t changed. Your home office still must be used for business purposes:

• Exclusively, and

• On a regular basis.

Related: Which Home Office Set-Ups Qualify for a Deduction?

Why Might the Tax Benefits Not Be Renewed?

Although the expiring tax benefits were renewed retroactively in past years, that may not happen in 2014 because many in Congress would like to see comprehensive tax reform rather than scattershot renewals of individual provisions. This could delay a decision on the homeownership tax benefits until the big picture budget and tax issues are resolved.

So if you can, enjoy them now!

Read more: http://www.houselogic.com/blog/tax-deductions/tax-deductions-credits-for-homeowners-2013/?cid=eo_sm_fb_mxm-social#.#ixzz2qJ73V3si

What You Should Know About Your Home and 2013 Taxes - Aguilera Real Estate Team | Tracy California Real Estate | Search Tracy CA Homes For Sale | Mountain House CA Real Estate

TracyRealEstate-Tracy & Mountain House's 10 Listings of the Week 1-16-2014

Tracy & Mountain House's 10 Listings of the Week

Below are some of this week's listings that just hit the market! Tracy and Mountain House has a total of 14 new listings since Monday, January 13th. Photos and descriptions courtesy of Metrolist. 

1. 330 Chukar Court, Tracy - $300,000

This beautiful 3 bedroom, 2 bathroom house has a comfortable backyard and is near downtown. Excellent for first time home buyers!

2. 160 Club House Way, Tracy - $334,500

This home with a large lot is located in Tennis Village. It has new slab granite kitchen counters, double oven, fresh 2-tone paint, new carpet, brick fireplace in front room and a good sized backyard with patio and palm trees. 

3. 150 Portico Lane, Tracy - $448,000

This grand updated move-in ready home has vaulted ceilings in living and dining rooms. The kitchen also offers slab granite counters, center island, new stainless steel sink and appliances, and tile flooring. New hardwood flooring located in the family room and a cozy split-face slate fireplace with slab granite hearth. Large master bedroom with private including double-sinks, separate tub/shower, walk-in closet, and tile flooring. Downstairs bed/bath. Tandem 3-car garage. New paint inside and outside. It also has new carpet installed.

4. 1052 Tulloch Drive, Tracy - $454,900

This beauty is in a great neighborhood. Carpet has been cleaned and a fresh coat has been painted in the house. 

5. 844 Jesse Martinez Drive, Tracy - $483,376

This home will be ready for move-in by March! It features an open floor plan with an expanded great room and bedroom suite just off the beautiful kitchen of beech recessed cabinets in saddle stain, granite countertops, and stainless steel whirlpool energy-star appliances. 2nd floor master bedroom suite with oversized walk-in closet. Interior two-tone paint, fully landscaped front & rear yard with patio. A 1 year builder warranty complete with the package.

6. 8815 Janice Way, Tracy - $500,000

This is country living at it's best in a cozy court location. This property is close to the center of town, yet it is still in the country. The view from the back is the far east horizon with all green lawn watered by sprinklers. A remodeled bathroom, the home has new insulation as well as stamped concrete on the newly laid patio.

7. 27240 Hansen Road, Tracy - $525,000

Bring you live stock, dirt bikes and quads. Great opportunity for country living or to just get away from the crowds on more than 20 acres! Great views of the scenic valley. Shopping and freeway access within a few miles.

8. 381 Chase Street, Mountain House - $380,500

This wonderful home features custom entertainment unit, open floor plan and plenty of space. A must see!

9. 681 W Esplanade Drive, Mountain House - $460,000

This Quest Village home is beautifully and thoughtfully appointed. From its designer colors, to stainless steel appliances, stained cabinets, all stunningly accented with cultured marble counters and hardwood floors creating a beautiful, warm and inviting environment that you will delight in a calling home. A few extras; a built in natural gas fireplace in the covered patio area to the forward thinking 220V outlet in a garage for an electric car, and a kids outdoor play set, adds to the sparkle. 

10. 45 West 9th Street, Tracy - $225,000

This single family home has 2 bedrooms and 2 bathrooms. It has a 1,382 sqft interior, 6,769 sqft lot size, has RV parking space and has been well maintained. 

Please visit our website's home search today to find more listings in Tracy, San Joaquin county areas!

TracyRealEstateBlog-Five Things to Do Before Listing Your Home

If you are a homeowner who has made the decision to list your home for sale, there are things you could and should do prior to listing it for sale. Your house should be prepared carefully, paying attention to every detail. 

Here is a list of five things to do before listing your home for sale:

1. Spruce up the curb appeal.
Your home should attract buyers from the outside before they would even consider going inside. Make sure the yard is free of weeds, be sure the lawn is mowed on a regular basis, plant some colorful plants around the house, check to make sure walkway and driveway are free of cracks, and pay attention to your front door. If it needs to be painted, do so. Remove garbage cans, toys, and “stuff” your pets might have left outside without your knowledge. 

2. Hire a licensed home inspector.
Buyers will do so once you’re in contract, its best you repair all items that will eventually be on an inspection report. Well worth spending the money.

3. Clean and organize.
This includes the living area as well as the garage. It’s easy to accumulate “stuff” after just a few months of living in a house. Look at your house from the eyes of a potential buyer. Remove all personal items from sight, start packing away all the clutter. Go through your closets and start separating from clothes you haven’t worn in couple of years.Remember less is more. Once you’re done organizing, it’s time to clean. Clean the floors, carpets, windows, doors, walls, baseboards, light fixtures, and let your house sparkle.

4. Hire a home stager.
Let’s face it, not everyone has the great talent with colors and arranging furniture. Thankfully, we have home stagers to help. Home stager can do wonders with color scheme, arranging furniture, using the right items for decorating and much more. Well worth hiring a home stager.

5. Gather all the warranties, user manuals, guarantees.
Make a list of contractors you may use on a regular basis such as pest control, lawn care, and A/C maintenance. 

These are only five things to do before listing your home for sale but there could be more. Having a team of professionals on your team will guide you through the entire transaction to ensure a pleasant home selling experience. 

Curious about the value of your home? Visit CAHomeValuesToday.com for a free, no obligation market analysis of your home directly to your inbox!

TracyRealEstateBlog-5 Resolutions for First-Time Home Buyers

5 Resolutions for First-Time Home Buyers

If you've promised yourself you would save those pennies to finally become a homeowner for the first time in 2014, we've got five, easy steps resolutions to help you achieve your goal.

1. Boost Your Credit Score

Your credit score will play a key role in your mortgage approval and rates. At the beginning of the year, order your credit reports from AnnualCreditReport.com. It is a free service authorized by federal law. Go over each report, dispute any errors, and pay off any old debts. 

In the meantime, avoid big-ticket items such as cars or furniture and don't apply for new credit. A credit inquiry itself can cause a credit score to temporarily drop, acquiring more debt to buy, or the capacity to acquire more debt by opening a new credit account, can have drastic effects on your mortgage situation.

2. Save Up to Put Down

You will need a 20 to 30 percent down payment to qualify for the best mortgage rates. Try cutting optional expenses to save more. Such examples can include, cable bills, internet bills, movie-service subscriptions, etc. This can save you up to a $1000 a year. The more you save, the better rate you will be able to obtain and the chance avoid private mortgage insurance.

3. Find the Best Real Estate Agent

Finding a great Realtor takes time but will pay off in the end. Find a buyer's agent who will give you a few recent testimonials from happy buyer clients. Be sure to check those references to be certain they are legit. To read Lisa's testimonials, click here.

4. Get Pre-Approved

Knowing what can be afforded, what you qualify for, and what type of loan you want to help find the best deal when you're ready to apply for a mortgage. To start, research the differences between conventional and unconventional loans and find a mortgage calculator to get an idea what you will be spending on a mortgage per month. When you're ready to shop for mortgages you will be educated and informed before being presented with your options.

5. Find Your Home Dream Home

Potential home buyers should be reading and researching as much as they can and as soon as they can. Don't wait until you're ready to buy to start looking at homes. Start early by researching certain neighborhoods in the area you're interested in living in. Once you're ready to shop, you'll have a clear idea of what you want and what you can afford. 

Think you're ready to buy? Search our automated listing search at www.TracyListings.com

TracyRealEstateBlog - California Housing Market Forecast 2014

California Housing Market Outlook 2014



Sales Bounce Back in 2014, as Price Continues to Grow



CA: Dollar Volume Steadily Improving
Up 25.3% in 2013, Up 9.3% in 2014



U.S. Economic Outlook 2014



California Economic Outlook 2014




California Housing Market Forecast 2014 - Aguilera Real Estate Team | Tracy California Real Estate | Search Tracy CA Homes For Sale | Mountain House CA Real Estate

TracyRealEstateBlog - Americans Build Larger, More Costly Homes

Newly built single-family homes in the United States are getting bigger, costlier to build and more expensive, according to the National Association of Homebuilders. This news comes on the heels of news that home prices climbed 11.8% between November 2012 and November 2013.

In fact the only thing shrinking for new construction is the size of the lot they’re built upon, according to NAHB’s most recent construction cost survey of 3,019 builders. The survey was conducted in August and September of 2013.

The survey shows that this trend is happening across all levels of homebuilding. That is to say, the increase in the average price, cost and size is not a result of high-end homes gains pulling the average up or lower-cost and mid-level homes gains pushing upward.

"It’s an across the board gain," says Heather Taylor at the economics and housing policy department at NAHB. "In fact we factor out the high end market since it can skew the results."

The cost to build a single-family home was $246,453 in 2013, which is the highest cost since 1998. Newly constructed home prices jumped 25% to $399,532. That is below the peak of $454,906 in 2007.

While the cost of building a new single-family home in 2013 represented a 34% increase from the cost, profits jumped to 9.3% from their 2011 all-time low of 6.8%.

The average size of the home in the 2013 construction cost survey was 2,607 square feet, which is about 300 square feet more than the average size of the homes reported in the 2011 construction cost survey, but still about 100 square feet less than the peak reported in the 2009 survey.

The average home in the NAHB survey was built on a one-third acre lot, as opposed to a half-acre lot average found in the 2011 NAHB survey.

By type and percentage of construction costs, interior finishes accounted for 29.3% of construction cost, with the balance spread among framing (19.1%), exterior finishes (14.4%) and the combination of plumbing, electrical and heating, ventilation and air conditioning (13.4%).

The average share of the home’s sales price which goes to construction cost jumped from 59% in both 2009 and 2011 to 61.7% in 2013. Finished lot costs, accounting for the second largest share of the sales price, dropped from 22% in 2011 to 19% in 2013.

Although the cost of construction per square foot remained relatively stable in 2009 and 2011 ($82 per square foot, and $80 per square foot, respectively), it jumped to $95 per square foot in 2013.

These results, NAHB reiterate, are national averages; the survey sample is not large enough for a geographic breakdown. Building practices, the cost of labor, the cost of land, and to some extent the cost of the materials can vary from place to place and depend on the nature of the particular home being built.

-Courtesy of Housingwire.com

TracyRealEstateBlog - Questions Your Realtor Can't Answer

Questions Your Realtor Can't Answer

You may be a single woman searching for a home in a neighborhood where you can feel safe at night. Perhaps you are a family with children who would like a neighborhood predominately with kids that live nearby for playmates for your children. 

Maybe you're a senior citizen who likes his or her peace and quiet and wants to avoid living next to adults that aren't their age. What you do in this situation? Hire a local Real Estate Expert to help you find exactly what you're looking for. Doesn't matter which way you look at it, buying a home is the biggest purchase of your life. You should get everything you want. 

However, when you ask your realtor about the people that live in your neighborhood or building that you're interested in, you don't get a qualified response. Some common questions agents will have to turn away are: 

1. Is this area safe?

2. What kinds of people live in the neighborhood/building?

3. Is this place family-friendly?

4. Are the schools good?

5. What are the demographics of the buyer/seller (Race, sex, political preference)?

6. Are there kids in the neighborhood?

7. What are the best neighborhoods to live in?

Answering these questions could constitute a violation of the Fair Housing Act of 1968. The act's main purpose is to protect certain classes from discrimination in the housing market. These include race, color, national origin, religion, sex, familial status (whether someone has children or not), and handicap. Violating the act can cost a broker $16,000 for the first violation and $65,000 for a third violation within seven years. Imprisonment is possible and the terms range from one year to life in prison, depending on the damage or injury that's occurred. No matter how severe, brokers always run the risk of losing their license by breaking the law. 

While your Realtor may not be able to answer questions about demographics for you, consider it a small sacrifice for a great deal of service. Real estate agents know everything about buying and selling real estate so you don't have to. They'll not only tell you what similar homes have sold at, but also how long they were on the market and if any issues occurred during the transaction. Your agent can guide you on home prices according to market conditions, which they have to keep track of as part of their job and because you've emotionally invested in your home, Realtors can negotiate a better price on your behalf because they're removed from any attachment to the property.

As industry professionals, Real estate agents have easy access to reliable services that you'll need when buying or selling a home. For example, your agent will have worked with movers, general contractors, inspectors, attorneys, lenders that they can recommend. 

If you have any questions that were forgotten in the process of the closing process, you can count on your real estate agent to answer them. A Real Estate agent can make the many other tasks in finding the perfect home easier. You can also view this problem as a solution to help every American achieve the dream of owning a home without any unfair barriers.

TracyRealEstateBlog - This Month Real Estate US January 2014

This Month Real Estate US January 2014

According to a national survey of real estate transactions, over 90% of buyers start their search on the internet -- and then spend almost two months looking for homes before finally settling on the right one for them. That two month lag time means that houses that are on the market right now are in the best position to close in the early spring. So if you're looking to sell in the spring, you'll want to list the house now - and get a head-start on the competition.

YouTube Video:

This Month Real Estate US January 2014 - Aguilera Real Estate Team | Tracy California Real Estate | Search Tracy CA Homes For Sale | Mountain House CA Real Estate

TracyRealEstateBlog - Residential Construction Spending Hits 2008 Levels

Residential Construction Spending Hits 2008 Levels

Construction spending on private, residential projects reached a seasonally adjusted annual rate of $346 billion in November, up 17% over November 2012. That's the fastest pace since mid-2008.

Construction spending overall climbed 1% in November according to the U.S. Department of Commerce, and most of that was lead by private construction rather than public projects. The overall breakdown by segment was: residential construction spending climbed 1.7%, while commercial construction spending increased 0.6%.

Private construction spending of all types rose 2.2%, while public outlays for construction dropped 1.8%.

A full breakdown of the November construction spending report can be found here on the Construction spending section of the United States Census Bureau.

Are you curious about the value of your home? Demand and values are continuing to climb higher. Please visit our website for a FREE, non-obligation, Comparative Market Analysis!