The Northeast portion of the United States appears to be doing quite well when it comes to the housing market. In fact, recent reports have found that the region is faring better than other regions throughout the country. With new jobs and companies continually moving to the area, this trend is likely to continue well into the future.
Northeast Experiences Increased Housing Sales
According to recent reports, the housing market in the Northeast continues to remain strong. In fact, the U.S. Census Bureau reported that sales fell in the West, Midwest in South when comparing June to May. In the Northeast, however, sales increased by 28 percent. Fortunately, the overall sales level is still 18 percent above what it was last year despite the fact that new home sales dropped by nearly seven percent in June across the country. At a seasonally adjusted annual rate of 482,000, this represents the lowest the levels have reached in seven months.
The date further indicates that the median sales of new houses throughout the country reached $281,800, which is slightly higher than what was achieved in May. On the other hand, it is below the median sales price that was reached in June 2014. The good news is that new home sales represent only a small percentage of the housing market. Furthermore, existing home sales saw an increase of 3.2 percent in June with a seasonally adjusted annual rate of 5.5 million. This represents the highest level that has been achieved since 2007.
New Jobs Coming to the Greater Boston Area
With a growing number of companies still looking at the Northeast as the place to take their businesses, demand for real estate in the area is likely to continue to grow. Recently, the Australian industrial supply company Pirtek USA has announced its plans to add at least ten franchise locations in the Greater Boston area. The company, which currently has 400 locations in 23 countries, specializes in repair and supply of hydraulic hoses. These hoses are used in vehicles as well as in machinery and construction equipment.
Currently, Pirtek USA has an office in Avon that has been there for more than seven years. The franchise owner of that store is considering opening a second location in the area north of Boston by the end of 2015. The company itself is interested in adding one location per month in large metropolitan areas throughout the country. While the company doesn’t see a need to have a store located on every street corner, it does wish to have one franchise for every 500,000-person population base. This means the Greater Boston area will likely see 10 to 12 new locations in the next several years.
In addition to trying to meet consumer demand, the growth and expansion of the company is also being spurred by the increased availability of financing. Now that the company has a strong network in place, it is better able to help people who are interested in becoming a part of the company by opening a franchise. Most of the company’s franchises are industrial-based storefronts located near to other industrial supply companies. Grainger Industrial Supply, which is typically housed in buildings ranging from 3,000 to 5,000 square feet, is a common pairing.