In the News – Solid Housing Growth From a Year Ago

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.
For the 25th consecutive month, existing home inventory fell and continues to spur increases in home prices. The Case-Shiller Home Price Index grew 2.6% in May — the slowest in the last 11 months, though still faster than income growth.
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