Home Construction Has Best Year Since 2007

New numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show that 2015 was new residential construction’s best year since 2007. In fact, housing starts – which refer to the number of groundbreakings – were up nearly 11 percent last year from the year before. That’s good news for the housing market, as low for-sale inventory has been putting upward pressure on home prices and affecting affordability conditions. But despite the fact that both housing starts and permits to build new homes saw double-digit increases over the year before, the month of December saw a slight downturn from November’s pace. Specifically, the number of single-family houses that began construction during the month fell 3.3 percent from the month before. Building permits – which are a good indicator of future home construction – also fell, though the decline was primarily among multi-family housing units. Permits to build new single-family homes, on the the hand, actually rose, climbing 1.8 percent month-over-month. The rise in permits could indicate that, though slow during the winter, housing starts will pick back up in the spring. More here.

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