Eight miles west of I-95 in suburban Boynton Beach, water gurgles down a man-made brook in front of the towering Valencia Reserve main gate. Behind it, diesel engines growl, hammers pound, and shovels dig into fresh landscaping beds.
Home builders are rebuilding – their inventories and businesses.
For the first time since the real estate bust, a recent study showed that construction of new single-family detached homes in Palm Beach County subdivisions is outpacing the number of homes people are moving into.
In other words, builders have finally run low on inventory.
In the second and third quarters of this year, construction began on 441 new Palm Beach County homes, while the number of move-ins was 389, according to an October report from the housing data firm Metrostudy.
In the first quarter of 2009, Palm Beach County's single-family new home construction bottomed out at 93, while move-ins stood at 269.
Housing experts say the turnaround in the later part of 2009 is a good sign for the economy.
Although the gain is modest – consider in the third quarter of 2005, nearly 1,400 new Palm Beach County homes were under construction – it's how the real estate recovery is expected to proceed, in baby steps.
Reported by The Palm Beach Post (Nov. 15, 2009)
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