Mortgage Blog

Builders still feel confident

January 19th, 2018 10:23 PM by Eric Fang

December Housing Starts came in at 1.192 million annualized units, the Commerce Department reported, falling 8.2 percent from November and driven lower by a sharp decrease in single-family units. December's reading marked the largest monthly percentage drop since November 2006.

Single-family starts plunged nearly 12 percent from November, though they did increase 3.5 percent from December 2016. Multi-family dwellings rose 2.6 percent from November but plummeted 21 percent from the same time a year ago.

Building Permits, a sign of future construction, were essentially unchanged from November at an annual rate of 1.302 million units. Overall, this was a disappointing report for potential homebuyers facing inventory shortages around much of the country.

Homebuilders are still feeling confident, however, as the January National Association of Home Builders Housing Market Index came in at 72, just below the 74 registered in December. The index measures data from a survey of homebuilders and asks respondents to rate conditions for current single-family home sales, sales in the next six months and traffic from prospective buyers. Any reading over 50 is considered positive sentiment. 
 
Posted in:General
Posted by Eric Fang on January 19th, 2018 10:23 PM

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