In yet another sign that the increasing momentum down the path to economic recovery will still be a very bumpy journey, residential housing construction starts (housing starts) in April showed declines in both the overall reading for all types of homes as well as for single-family homes. While both showed double digit declines in the initial report for April, they are both still well over the readings experienced in April 2020, at the height of the rollout of the COVID-19 pandemic.
In new data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, residential construction – housing starts – appear to have taken off in March, rocketing to nearly 15-year highs. This is welcome news, as a serious shortage of available homes has been constraining housing sales recently. An increase in construction will help add inventory for sale. This shortage emerged after a protracted period of sales growth as urban dwellers left over-crowded cities during the time of COVID-19 for more spacious digs in the suburbs.
See more on the burst of housing starts in March[Read more…] about March Housing Starts Surge Almost 20% to 15-Year High
The 2nd Month of Decline; Is Housing Turning?
In the latest government data on new residential construction, housing starts dropped in February by 10.3%. This is the second month-in-a-row that starts dropped, after falling 6% overall in January.
So what do analysts think this downward cycle means? Is the housing construction segment beginning a period of contraction?
See what is happening in housing starts…[Read more…] about February Housing Starts in Double-Digit Drop
It has been quite the roller coaster ride for housing – first dropping a COVID-driven, eye-popping 30.2% in April to just a 934,000 unit seasonally adjusted annual rate. Then gradually rebounding in May and June…leading to a record 22.6% increase in July.
Now we see a bit of a pause in August, with overall housing starts declining 5.1% to a rate of 1,416,000 units, down from the revised rate of 1,492,000 in July.
Get the latest housing construction & sales data[Read more…] about August Housing Data Diverges, Suggests Growth is Moderating
Two new economic reports from June covering the housing industry show promising results, with both residential construction (otherwise known as housing starts), and sales of newly constructed homes taking a nice bounce in June. This was welcome news after dramatic declines hit the housing market in early Spring.
But will it hold?
See more on the changing housing market[Read more…] about Residential Construction & New Home Sales Bounce Back in June
Last month, Strata-gee reported on a shocking 30+% drop in residential housing construction, with starts dropping an eye-popping 30.2% in April. That was ultimately revised to a decline of “only” 26.4%…still a massive one month decline. Now in May, we see starts attempting to rebound from those unprecedented drops.
See more on May’s housing starts data…[Read more…] about Housing Starts Struggle to Regain Their Footing in May
Existing Home Sales Decline as Well
I’ve been saying for a while now that really, really tough economic data was coming. Even though it was obvious to many of us that the economy was crashing – thanks to COVID-19 – it takes time for backward-looking statistics to catch up. Well, now they’re starting to catch up and with overall residential housing construction starts dropping an eye-popping 30.2% in April…they are ugly.
But read on to see why one piece of data seems to suggest that a housing turnaround make be lurking in the near future – or is even already here…
Learn more about this new data on the housing market…[Read more…] about Shocking 30+% Drop in Housing Construction Starts; But a Turnaround May Be Lurking
The U.S. Census Bureau and the U.S. Department Housing and Urban Development announced this week that sales of newly built residences fell in February 2020. Housing starts also fell in February. This housing market downturn is likely a precursor to much more dramatic declines when figures for March 2020 are reported – a time period when the coronavirus (COVID-19) pandemic began to really take hold across America, forcing State and City governments across the U.S. to order residents of all non-essential businesses to stay home.
See more on the drop in new home sales…[Read more…] about New Home Sales & Housing Starts Decline in February, A Hint of Things to Come
The Census Bureau, in cooperation with the U.S. Department of Housing and Urban Development, released new home construction data for November, offering details on what is generally known as housing starts. The overall construction starts – which includes both single-family and multi-family homes – both showed increases over the revised numbers for October, suggesting a return to economic stability after a period of concern about a possible slowdown.
See more on housing construction starts…[Read more…] about Housing Construction Starts Grow Again in November
In new data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the readings appear split with housing starts showing increases while new home sales declined. Housing, a prime component of the overall U.S. GDP has been in a bit of a swell over the last couple of months, driven largely by low interest rates stimulating demand for homes.