It's well documented that the housing recovery has been in full swing since January 2012. That's when we saw investors start jumping in the housing market, snatching up many of the short sales and foreclosure properties and either flipping them or turning them into rental properties. Since then, home values have continued to increase and inventory levels have dwindled. In the local Portland market, we see such tight inventory in our close-in neighborhoods, that multiple offers are commonplace for attractive homes.
This recovery has not only impacted sales, but it has been a needed boost to the building and remodeling industry. Much of our improved unemployment numbers are tied directly to the housing recovery.
Here is an interesting graph and article displaying the recent uptick in single family building, multi-family construction, and home remodeling across the nation. What catches my eye is the large increase in multi-family housing. This, in part, is due to our aging population which will need more senior housing and condo/townhomes.