U.S. housing starts declined more than expected in July, adding to evidence that supply and labor constraints are holding back home construction while demand has slowed. Residential starts dropped 7% last month to a three-month low 1.53 million annualized rate, according to government data released Wednesday. Building permits, however, climbed 2.6% in July due to […]
NAR Economist Explains Housing Rebound By the Nos.
The housing market has rebounded from the low hit last spring during the worst of the coronavirus pandemic, the Department of Housing and Urban Development reported. Sales of new and existing houses are driven by low mortgage rates and a desire by many to leave cities for the suburbs. Lawrence Yun, chief economist at the […]
Record New Construction Promising – Or Not?
Reports of more new homes entering the pipeline in May than any other month since the end of the Great Recession sound rosy, but housing starts in the West and every part of the country except the Midwest, are down. “New-home construction activity soared to its highest level in over a decade, which is fantastic […]