Construction authorizations for single-family homes continue falling

Single-family building permits drop in March. Single-family housing completions decreased 4.7% in March to 840,000 completions, down.

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 · The latest report from the Commerce Department showed single-family home construction, which accounts for more than two-thirds of all residential construction.

When it comes to new home building activity, 2017 turned out to be the best year for permits, starts, and completions in a decade. The continued climb was led by single-family homes, which was exactly the type of new inventory frustrated homebuyers yearned for last year. Elevated levels of homebuilders’ confidence combined with persistent low inventory should make [.]

For all existing homes, including single-family and. interest rates and falling home prices then made for a buyer’s market. For the housing market overall, affordability remains favorable, though.

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The construction and sale of new homes is spiking. he said. Palm Beach saw single-family home starts drop 8.9 percent and new unit sales fall 2.5 percent. Cobb said the county has about 35,000.

Construction authorizations for single-family homes continue falling. Steady interest rates could lift the housing market going forward, but for now there is an ongoing slump in single-family home construction authorizations along with maintenance and remodeling activity, according to BuildFax.

Housing Sales slumped 8.5% from one year ago, the lowest sales since 2015. Prices still rose another 2.8% to a median of $247,500 nationwide. The real story was the drop in lower priced homes as depicted in this graphic from NAR. With low mortgage rates, it’s believed sales will once again grow. 60,000 more homes were on the market.

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