Adams Homes’ New Home Market Summary for Polk County

Builder Predicts Housing Gains in 2014.

February 20, 2014alt

Nationwide, 2013 home construction ended with the best showing since the housing bubble burst.  The housing market has been recovering steadily over the past year, helping to boost economic growth and create jobs. Housing starts reached a six-year high in November, according to the U.S. Commerce Department.  Total housing starts jumped 29.6 percent from the year prior and climbed 22.7 percent from October.

Housing market experts are weighing in and expressing confidence that housing will continue to rebound in 2014.  Economists at the National Association of Realtors say rates on 30-year fixed mortgages likely will rise above 5 percent by midyear as the economy continues to slowly pick up steam.  Today, it’s 4.5 percent – already up more than one full percentage point from a year ago.  altIn addition, officials at the Federal Reserve recently announced plans to taper the massive bond-buying program it has been using to stimulate the economy during the past few years.  Those past purchases have helped to keep mortgage rates low.

For Polk County, 2013 will go down as a rebound year for the construction industry.  A total of 1,776 single-family home permits were recorded in Polk County alone through November 2013, the area’s highest sum since 2008, when 2,226 permits were counted.  Construction activity is already up more than 37 percent from last year, even with one month to go.

New home construction has been on a strong uptick this year.  Unsold existing homes are in short supply, and many of Polk’s distressed properties have been snapped up by investors and other buyers, which has caused median values to rise and helped stabilize the market.

The county’s median sale price for existing single- family homes was $123,950 in October (the latest month available), up 14.5 percent on an annual basis, according to the Florida Realtors organization.alt

With demand returning, construction has resumed at a number of unfinished subdivisions across Polk.  Winter Haven had 29 permits last month, versus 16 a year ago and 19 in October.

In Polk County, construction employment is rising again.  The county added 400 construction jobs in October (the most recent available month) from the year prior, for a gain of 3.9 percent. And builders in the area expect a continued steady, gradual growth in starts and new home sales in 2014.

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About Adams Homes
Founded in 1991, Adams Homes is known as the premier home builder and is one of the largest privately-held home building companies in the southeast. Adams Homes has built more than 35,000 new homes since 1991 and builds in seven states including new homes for sale in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, and Tennessee with corporate headquarters in Gulf Breeze, Florida.

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