Housing update July 2023

By
Real Estate Agent with Keller Williams Capital Partners Realty 277320

Residential construction is coming back to life. Total housing starts
rose nearly 22% from the previous month to 1.63 million annualized units
in May. The monthly increase was driven by big gains in both single-family…
which saw the largest monthly gains since 2020…and multifamily construction.
Builders are becoming more confident about the housing market.
The tight inventory of existing homes has pushed prospective buyers
to the new-home market, pushing up that segment’s sales. No surprise, then,
that surveys show growing industry confidence, despite high mortgage rates,
which builders have offset somewhat with discounts and other incentives.
Builders will ramp up single-family construction in the coming months.
Issuance of single-family permits rose 4.8% in May, their fourth consecutive gain.
Better supply conditions are helping builders finish projects. The number
of single-family homes under construction fell in May, while completions rose. 

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Comments (4)

Edward Gilmartin
CRE - Boston, MA

Americans esp folks over 40 have a lot of cash and investments. One hopes that they sell rather than rent their homes when buying new construction.

Aug 01, 2023 05:44 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing market update Joe!!!

Residential construction is coming back to life. Total housing starts
rose nearly 22% from the previous month to 1.63 million annualized units in May. The monthly increase was driven by big gains in both single-family…which saw the largest monthly gains since 2020…and multifamily construction.

Aug 01, 2023 06:11 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great post!  Thanks for sharing and enjoy your day!

Aug 01, 2023 06:43 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you for your update. It is good to hear builders are becoming more confident again about their prospects.  I have a small investment in some new homes being built and this gives me some optimism. 

Aug 01, 2023 07:50 AM