Housing Starts Hit 9 Year High

Dated: 11/22/2016

Views: 184

Image title


The Commerce Department showed that U.S. new-home construction jumped to a nine-year high in October driven by a strong pickup for single-family housing.

Residential starts surged 25.5 percent to a 1.32 million annualized rate, the fastest since August 2007 and exceeding the highest market projections. The increase from September was the biggest since July 1982. Multifamily-home building was also up, by a whopping 68.8 percent.

The figures indicate the housing market has been making great progress due to increased hiring and healthier finances that have been driving demand.

Single-family house construction rose 10.7 percent to an 869,000 rate, the highest since October 2007.

Permits, a proxy for future construction, increased 0.3 percent to a 1.23 million annualized rate. They were projected to fall to a 1.19 million pace, according to the survey median.

The National Association of Home Builders/Wells Fargo index of homebuilder sentiment in November held near the highest level of the year, figures showed on Wednesday. Readings greater than 50 mean more respondents reported market conditions as good. A measure of prospective buyer traffic rose.

Thinking about selling you home to buy new construction? Let me guide you and show you the great deals being offered now click here


Image title


Want to Advertise on this Site?

Latest Blog Posts

Back To Normal

Is the Real Estate Market Finally Getting Back to Normal? The housing market has been anything but normal for the last eleven years. In a normal real estate market, home

Read More

Buying Your First House Starter Home Or Forever Home

If you’re a first-time home buyer, you may be wondering: Should you purchase a small starter home to get into the market now, knowing you may grow out of it in a few years? Or, should you stretch

Read More

Fall 2018 Family Friendly Menifee Valley Community Events

Hello FB Friends! Can you believe this is our last week of summer?! YES! The fall season begins Saturday September 22nd… That is only 4 days away!!! Eek! Get ready for pumpkins, longer sleeves,

Read More

SELL NOW IN SEPTEMBER 2018

IF YOU ARE THINKING OF SELLING? YOU MUST ACT NOW! If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well;

Read More