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Posts Tagged ‘U.S. Department of Commerce’

Housing Starts, Permits Hit Eight-year High

July 20th, 2015 Comments off

house under const  naked philly  creditIn good news for the housing industry, the U. S. Department of Commerce reports housing starts spiked 26.6 percent in June and housing permits markedly rose 30 percent over a year ago, both notching eight-year highs, largely due to the strength of the multi-housing market..

The seasonally adjusted annual rate (SAAR) for groundbreakings was 1.174 million, 9.8 percent higher than May’s revised estimate of 1.069 million, and noticeably increased from June 2014’s rate of 927,000, according to forbes. However, single-family housing starts fell in June 0.9 percent from May, from 691,000 to 685,000, while starts on residential buildings with five or more units jumped 28.6 percent in June to a SAAR of 476,000.

Housing permits for June hit a SAAR of 1.343 million, 30 percent higher than the 1.033 million a year ago, and the highest level since July 2007, right before the housing bubble when permitting hit 1.361 million. As with starts, the biggest increase was in multi-family permits, which rose 16 percent compared to May, while for single-family homes permits rose only 0.9 percent over May’s numbers to 687,000.

As MHProNews understands, the strength of the multi-family housing market and corresponding fall of the single-family marker coincides with the nation’s 20-year low rate of homeownership at 63.7 percent, due to the thousands of people who lost their homes during the Great Recession and are now renting. Additionally, first-time homebuyers comprise only around 30 percent of the homebuying market, well below the historical 40 percent. ##

(Photo credit: nakedphilly)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Housing Starts Inch Up Two Percent; Housing Permits Fall 5.7 Percent

April 17th, 2015 Comments off

home planning     theatlanticcities  creditThe National Association of Home Builders (NAHB) tells MHProNews housing starts rose two percent to a seasonally-adjusted annual rate (SAAR) of 926,000 units in March, according to data from the U. S. Department of Commerce. Single-family home production increased 4.4 percent to a SAAR in March of 618,000; multifamily starts declined 2.5 percent to 208,000 units.

NAHB Chief Economist David Crowe said, Builders are being careful not to add inventory beyond expected demand, especially as they struggle with increasing costs for lots, labor and materials,” said NAHB Chief Economist David Crowe. “However, pent-up demand, low mortgage interest rates and a growing economy should keep the housing industry moving forward throughout the rest of the year.

Regionally, multifamily and single-family housing starts surged in the Northeast 114.9 percent, and rose in the Midwest 31.3 percent. Housing production fell 19.3 percent in the West and 3.5 percent in the South.

Overall permit issuance fell 5.7 percent in March to a rate of 1.039 million, led by the multifamily sector which dropped 15.9 percent, while single-family permits rose 2.1 percent. Only the Northeast saw a gain in permits, rising 39.8 percent. The South dropped 14.2 percent, the Midwest fell 4.4 percent, while the West lost 4.3 percent. ##

(Image credit: theatlanticcities–home planning)

matthew-silver-daily-business-news-mhpronews-com  Article submitted by Matthew J.Silver to Daily Business News-MHProNews.

Housing Starts: Growing Demand Trumps Higher Mortgage Rates

December 18th, 2013 Comments off

In November housing starts rose 22.7 percent to a seasonally-adjusted annual rate (SAAR) of 1.09 million, according to data from the U. S. Department of Commerce, the highest rate since Feb. 2008. Additionally, Bloomberg.com informs MHProNews permits for new housing hit close to a five-year high, indicating construction will continue into next year. “The economy seems to be picking up and there’s quite a lot of pent-up demand,” said David Sloan, a senior economist at 4Cast Inc. in New York. “Even if the Fed does start to taper, I think the housing market will prove resilient.”

(Photo credit: wiscnews.com–new manufactured home)

New Home Sales Edge Up

November 28th, 2011 Comments off

The National Association of Home Builders (NAHB) reports the U.S. Department of Commerce says sales of new, single-family homes increased 1.3 percent in October, marking the best monthly sales pace since May, 2011. “Today’s report is right in line with our forecast for modest and gradual improvement in sales activity through the remainder of the year,” said NAHB Chief Economist David Crowe. “Particularly encouraging is the fact that builders continue to hold down their inventories to match the current sales rate, with the number of new homes for sale now down to a sustainable, 6.3-month supply.” Regionally, new home sales gained 22.2 percent in the Midwest, and 14.9 percent in the West. The Northeast remained unchanged, but sales declined in the South.

(Graphic credit: NAHB)