Construction of new single-family homes slowed in January, but the news isn?t all bad. Learn more about this and other real estate market trends.
Construction of new single-family homes fell 8.5 percent in the month of January to a seasonally adjusted annual rate of 890,000, according to the latest real estate market trends reported today by the U.S. Department of Commerce. The rate of new construction is 23.6 percent above the annual rate of 720,000 for January 2012.
The data contains ?mixed but mostly positive results,? according to the National Association of Home Builders, or NAHB, a trade association based in Washington, DC. The drop in new construction reflects a slowdown in the booming multi-family sector, while single-family starts were ?virtually unchanged? from December. The number of housing permits ? a forward looking indicator - has reached a seasonally adjusted annual rate of 925,000 - a pace last seen in mid-2008, according to the NAHB Eye on Housing blog.
In a related story, learn how improving home prices are improving the outlook for real estate market trends.
?Except for the realignment in rental apartment building, the January report conforms to NAHB expectations for continued modest improvement in housing construction,? according to the association blog, which predicts the rate of new construction will average 979,000 units for all of 2013.
?In other real estate market trends, the NAHB yesterday reported a slight dip in home builders? confidence as measured by the NAHB Housing Market Index. The index fell one point to 46 in the month of January as builders expressed a more pessimistic view of traffic of prospective buyers. A score below the mid-point of 50 indicates a majority of builders view market conditions as poor. ?
Read our related story to learn more about builders? appraisals of prevailing real estate market trends.
Homeowner vacancy rates have been trending down from a 17-year-high of 2.9 percent in 2008 and have held at 1.9 percent for the last two quarters of 2012, according to real estate market trends recently reported by the Census Bureau.?
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Source: http://www.millionairecorner.com/article/real-estate-market-trends-new-construction-activity-mixed
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