Housing market beginning to bounce back - FOX13 News, WHBQ FOX 13

Housing market beginning to bounce back

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MEMPHIS, Tenn. (FOX13) -

The housing market is making it biggest gains in the last six years. Even though home builders are hitting a few bumps, including increased cost of materials and a lack of available lots to build on, the news is encouraging.

Regency Home Builders President Sean Carlson says he and his partner started their company just as the housing market was in the middle of the downward economic spiral.

"We actually started our business 6 years ago, right before things hit actually, but we've doubled the size of our business," he says.

Carlson says his company continued buying land, even after the bubble burst. He says most of his competitors couldn't sustain financially and were driven out of business.

"You saw a lot of quality builders, good people that that was happening to, something that you would not wish on anybody, so it was a little nerve wracking."

Carlson says his company was able to hold on, knowing when the market goes down, it eventually comes back up.

"Prices are going up, we're getting price increase from lumber companies, gas and oil, petroleum products things of that nature. I think people finally feel comfortable. If they're going to do it, they need to do it now."

Carlson says the housing slump did cripple the industry for several years. He says as far as what happens if the housing market goes down again, he says that's just a part of the business.

"We all need to learn from what happened and store things away for the winter, a bit making sure you're prepared for this that comes up again."

The housing trend shows the housing market is up by almost 11% in the south. The good news is driven by a low inventory of homes for sale and mortgage rates still sitting at record lows. 

Experts say we are still several years away from a full comeback in housing sales and new construction.

Carlson says his company started with building 30 homes six years ago. But, this year he's predicting around 325 new homes built and sold.

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