Increase in Construction May Mean More Inventory for San Diego Buyers

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Mortgage and Lending NMLS#247664 BRE#01266511

The impact that public and private sector construction spending has on moving the lending needle is obvious, but the strength of what has been and what will be is even more relevant in times like now.

With that being said, construction spending posted a modest increase in July rising 0.7% from the revised June estimate of $1,075.9 billion to a seasonally adjusted annual rate of $1,083.4 billion. The July number was 13.7% higher than the previous estimate in July 2014 of $952.5 billion.

Privately funded residential construction was estimated at an annual rate of $380.8 billion, a 1.1% gain from June’s $376.6 billion and 15.6% above the level in July 2014. The single family share of that annual estimate was $218.5 billion, a 2.1% month-over-month increase and up 15.6% year-over-year. Construction of multi-family units consumed $51.6 billion of the total, down 2.2% from June but an annual increase of 21.2%.

What does this increase in residential construction mean for you as a buyer?

The uptick in construction spending from a residential perspective can usually be linked to an influx of real estate inventory in San Diego.

My advice?

Get pre-qualified with your Loan Officer and call your Realtor to make the next move.

Please do not hesitate to reach out and contact me if you have any questions or think I may be of assistance!

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Rainer
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Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

good post...tick up in private financing shows how the banks are afraid to take the plunge. we hope spec funding will slowly come back

Sep 22, 2015 02:42 PM #1
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Rainer
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Maureen Martin

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