The housing market was sluggish this past winter as persistent cold temperatures and precipitation held buyers back from making purchases.
However, as spring has arrived, the market is looking up. One of the primary issues the housing market has faced over the past year is low levels of inventory. Where many buyers are looking to make a purchase, they often find themselves in a bidding war. But, it appears that the problem might be subsiding.
According to UBS, housing starts hit an annualized pace of 923,000 in the first quarter. And while this number is still below peak levels, it is well beyond housing starts in recent years. UBS's Maury Harris expects that the annual pace will hit 1.15 million in the second quarter, while third quarter construction will hit 1.22 million.
"Our updated 900,000 single-family starts forecast for 2015 is only around 52 percent of its previous cyclical peak 10 years earlier, and our overall 1.35 million unit housing starts forecast for 2015 is still just 65 percent of its previous peak a decade ago," Harris told Business Insider.
Best places to raise a family
As the housing market is picking up, homebuyers might be wondering where they should move to if they are starting a family.
Forbes recently published its list of the 10 best cities for raising a family. In order to compile the information, Forbes took into account the 100 largest metropolitan areas, factoring in the median household income, cost of living, housing affordability, percentage of residents who are homeowners, commuting delays, crime rates and local school qualities.
Here's the list:
Those interested in purchasing a home in 2014 are reminded to consider all aspects of their purchase. From the down payment to how much home insurance will be, it's important to plan ahead.