In Florida, it's the apartment sector that is fueling the new-home construction. According to the Commerce Department, new-home construction rose 3.5% in a monthly comparison.

Housing permits rose 8.7% last month, marking the highest level seen since December of 2010. The rise in permits is an indicator of future construction.

Many economists believe that the lack-luster pace of new construction is far below the 1.2 million homes that must be built annually in order to keep a blossoming real estate market. Builders are finding it difficult to compete with the low prices of the foreclosures.

According to the National Association of Home Builders (NAHB), each new home that is built creates an average of three jobs for a year and could generate nearly $90,000 in taxes.