In the News – Solid Housing Growth From a Year Ago
New home construction and sales continue to expand along the post-recession trend. Despite a slight decline in the NAHB/Wells Fargo Housing Market Index for July, total housing starts bounced back in June, increasing to an annual rate of 1.215 million. On a year-to-date basis, single-family starts are now 8% higher than last year, while multifamily construction is down 5%.
New home sales posted only a small gain of 0.8% in June. However, compared to this time last year, sales are up nearly 9%. In contrast, NAR reports existing homes sales in June fell 1.8% from the previous month, and are roughly flat compared to June 2016.