Inside Lending Newsletter From Kristen Zorda, Single Family Starts Were Strong for March!
QUOTE OF THE WEEK… “Appearances are often deceiving.” –Aesop, Ancient Greek storyteller
INFO THAT HITS US WHERE WE LIVE… To some pundits and the mainstream media, March Housing Starts appeared disappointing: up a tepid 2.8% for the month and down 5.9% versus a year ago. But a closer examination of the report shows those headline numbers are deceiving. The low monthly number was all due to a drop in always volatile multi-family starts. Single family starts were up a strong 6.0% in March and are up 9.1% over the last two months. The 5-month moving average is the highest since July 2008. Plus, the number of homes under construction (started but not finished) is up 21% over a year ago!
Reflecting this activity, the National Association of Home Builders (NAHB) April confidence index was up one point from March. Some analysts expect steady gains here, as the spring selling season picks up steam. We also saw construction employment, on the increase since June 2011, up 2.6% year over year in February. More evidence of a spring pickup came when the National Association of Realtors (NAR) reported March listings on realtor.com were up 9.5% from a year ago. In addition to better selection, buyers get more time to decide. The median age of inventory was 102 days.
648 Plank Rd. Suite 203
Clifton Park NY 12065
Orson B.Klender, Associate Broker
Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866
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