There were indications Tuesday that the new home construction market was beginning to bottom out.
"If it hasn't already hit bottom, it's close to it," said Dan deStefano, of deStefano Custom Builders.
The Commerce Department reported a 17.2% May increase in new homes and apartments or 532,000 units. Also, applications for building permits rose four-percent in May.
However, many analysts don't expect any sustained rebound until next Spring.
"We've been in a slump for two or three years," deStefano said. "Spring doesn't seem that far off.”
deStefano said he's noticed an increase in the number of people inquiring about building new homes, however, they're not signing contracts.
He added a turn around will be fueled by financial institutions lending to a wider range of borrowers and a continued decrease in the inventory of unsold homes.
