June was a good month for the housing market. The Commerce Department reported that builders began work on 629,000 homes last month -- a 14.6% increase from May. Apartment construction was up by 31.8% and construction on single-family homes rose 9.4%.
Home sales have also increased.
According to the Rhode Island Association of Realtors, single-family home sales rose 16% in June, with 699,000 homes sold. The price of single-family homes also rose by 2%.
Increased home sales have been reported in Rhode Island, Houston, Southern California, and the San Francisco Bay Area.
Palm Beach County was a little ahead of the game with a reported 21% increase in home sales in April but the trend is now reaching other cities and states, and Freddie Mac economists are reporting that the housing market overall is unlikely to face a double dip.