New-home #construction falls in #July

New-home construction falls in July

The pace of new residential construction fell on a month-over-month basis in July. Privately owned single-family housing starts slid 4.5% on a monthly basis to 1,111,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Year over year, that represents an 11.7% gain from the July 2020 rate of 995,000. Including the single-family rate and that of buildings with five or more units, the national rate was down 7% month over month to 1,534,000. The seasonally adjusted annual rate for privately owned housing units authorized by building permits was at 1,635,000 in July, up 2.6% from June’s revised rate and up 6% from July 2020. “The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline,” First American deputy chief economist Odeta Kushi said. “The importance of more home building cannot be overstated. Inventory has been increasing in recent months, but we have underbuilt for a decade, and July’s month-over-month decline in housing starts isn’t welcome news.” Privately owned housing completions hit an annual rate of 1,391,000 in July, up 5.6% from June’s revised rate and 3.8% from a year earlier. By region, July new construction activity was strongest in the South, where it rose 2.1% from June, followed by the Midwest, where it fell 6.9% and the West, with an 11.3% gain. The pace of housing starts plunged 49.3% in the Northeast, however. “There are concerns that higher new home prices may be causing some would-be buyers to pull back from the market,” Kushi said. “Not to mention, builders continue to face a shortage of skilled labor, materials and lots, all headwinds to increasing the pace of new home construction.” The post New-home construction falls in July appeared first on Boston Agent Magazine.

Homebuyers: For access to all listings and to find a homebuyers real estate agent that will represent only your interests call 800-935-6222 or click the button below to connect with MABA. At MABA we got you!

First Time Home Buying in Massachusetts

MABA Buyer Agents help first time home buyers reduce the stress and frustration normally associated with buying a home or condo – especially for first time home buyers.

As a first time homebuyer in Massachusetts, you can turn to our non-profit organization to help you understand and navigate the complexities of the entire Massachusetts real estate transaction, from mortgage pre-approval until you are handed the keys to your new home or condominium. Each of our member buyer's brokers and agents works only for their buyer-clients and never for the seller of the home or condo that their buyers want to buy.

MABA Buyer Agents will take the time to learn about you and your real estate goals, help you understand your options, including first time home buyer programs, properties and/or condominium associations, estimate real property values and put together a negotiating strategy to help you increase the odds of getting your offer accepted in our competitive Massachusetts real estate market. After advocating to get your offer accepted, your MABA buyer's agent will be there for you at your home inspection and help you protect your deposit through the inspection, purchase & sale and financing contingency periods.

You can buy your first home or condo with confidence knowing that your MABA buyer agent is committed to saving you time and money and helping you make your best home buying decision.