Tag: housing permits
Rising housing affordability issues continue to hinder single-family production even as total housing starts increased in November.
Sales of newly built, single-family homes rose 3.5 percent in August to a seasonally adjusted annual rate of 629,000 units after downwardly revised June and July reports.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced new residential construction statistics for May 2018.
"With single-family starts coming in below 900,000 and aggregate starts below 1,300,000, and despite double-digit percentage improvements over last year's results, this month's numbers are a bit disappointing," said Scott Volling, principal, PwC.
While March results for both housing starts and permits were strong, the residential market is facing a confluence of challenges including low inventory, constrained labor, and rising material costs, ultimately creating a growing bubble of pent up demand and affordability challenges.
According to Scott Volling, principal, PwC, “Housing starts and permits for November both exceeded consensus estimates, boosted by the highest number of single family starts since September of 2007."
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced new residential construction statistics for December 2016.