{"id":18770,"date":"2021-04-21T13:42:52","date_gmt":"2021-04-21T13:42:52","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=18770"},"modified":"2021-04-21T13:42:52","modified_gmt":"2021-04-21T13:42:52","slug":"housing-starts-surge","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/housing-starts-surge\/","title":{"rendered":"Housing Starts Surge"},"content":{"rendered":"

Housing Starts Surge<\/h1>\n
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Builders ramped up construction of new homes last month, starting 1.74 million units in March\u2014the highest rate in 14 years and a welcome sign that efforts are underway to meet strong buyer demand, Lawrence Yun, chief economist at the National Association of REALTORS\u00ae, writes on the association\u2019s Economists\u2019 Outlook blog. \u201cAs trade-up buyers purchase newly constructed homes, their prior homes will show up in MLSs and [provide] more choices for consumers,\u201d Yun notes. It could take four to eight months for newly started homes to be completed, Yun adds, \u201cso be patient with the improvement to inventory.\u201d<\/p>\n

The increase in housing production comes at a time when builders are facing rising material costs and soaring lumber prices<\/a>, analysts note. Housing starts in March jumped 19.4% year over year, the Department of Housing and Urban Development and the Census Bureau report. Broken out, single-family starts rose 15.3% to a seasonally adjusted annual rate of 1.24 million and were up nearly 20% in the first quarter of this year compared to the same time period in 2020. The multifamily sector, which includes apartment buildings and condos, rose nearly 31% to a pace of 501,000 units.<\/p>\n

\u201cDemand remains solid due to low mortgage rates and a thin level of inventory in the resale market, which is spurring the need for additional supply,\u201d says Robert Dietz, chief economist at the National Association of Home Builders. \u201cThe test for the industry this year will be balancing growth and higher construction costs, given ongoing housing affordability challenges.\u201d<\/p>\n

Combined single-family and multifamily starts in March rose by the highest amounts in the Midwest, up 122.8% month over month\u2014a jump economists attributed to favorable changes in seasonal weather patterns. The Northeast saw a 64% month-over-month jump, and the South recorded a 13.5% increase. The West was the only region to post a month-over-month decline, falling 13.6%.<\/p>\n

Overall housing permits, a gauge of future production, rose 2.7% to a 1.77 million annual rate in March. Single-family permits increased 4.6% to a 1.2 million-unit rate while multifamily permits decreased 1.2% to a 567,000 pace. \u201cBuilder confidence remains strong, pointing to gains for single-family construction in 2021,\u201d says Chuck Fowke, the NAHB\u2019s chairman. \u201cHowever, rising costs for most kinds of building materials continue to impede positive additional momentum in the market.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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National Association of Home Builders<\/a>\u00a0and \u201cInstant Reaction: Housing Starts, Aril 16, 2021<\/a>,\u201d National Association of REALTORS\u00ae Economists\u2019 Outlook blog (April 16, 2021)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Housing Starts Surge Builders ramped up construction of new homes last month, starting 1.74 million units in March\u2014the highest rate in 14 years and a welcome sign that efforts are underway to meet strong buyer demand, Lawrence Yun, chief economist at the National Association of REALTORS\u00ae, writes on the association\u2019s Economists\u2019 Outlook blog. \u201cAs trade-up … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-18770","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nHousing Starts Surge - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/housing-starts-surge\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/housing-starts-surge\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/housing-starts-surge\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Housing Starts Surge\",\"datePublished\":\"2021-04-21T13:42:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/housing-starts-surge\\\/\"},\"wordCount\":397,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/housing-starts-surge\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/housing-starts-surge\\\/\",\"name\":\"Housing Starts Surge - 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