Privately owned housing starts came in at a seasonally adjusted annual rate of 1.33 million in January, according to the latest release from the U.S. Census Bureau. This is up 9.7% from the revised December estimate of 1.21 million, and up 7.3% from last year’s 1.24 million.
And while most of this strong pace was set by multifamily starts, single-family housing starts increased as well, rising 3.7% from December’s 846,000 to 877,000 in January.
“Terrific news on housing starts in January with a solid 10% gain,” said Lawrence Yun, National Association of Realtors chief economist. “This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”
Fourth Quarter Home Prices Up 5.3 Percent; Nearly Two-Thirds of Markets at All-Time High
Posted on February 15, 2018 by Admin
Washington, D.C. – February 13, 2018 (nar.realtor) An uptick in existing-home sales in the final three months of 2017 pulled down housing inventory to an all-time low and kept home-price growth at its recent robust pace, according to the latest quarterly report by the National Association of REALTORS®.
Idaho was the most popular state for buyers moving with a 65.1% inbound rate in 2017
Illinois was the least desirable with a 62.4% outbound move rate
There were 72,986 total cross-border moves in 2017, down from 75,427 in 2016
The 10 U.S. states with the highest percentage of inbound moves and outbound moves are included in order below, and Idaho is the study’s inbound leader for a second year in a row. While Illinois has classified as outbound since 2009, the state has the h...ighest percentage of outbound moves in the country in 2017.
Idaho (65.1 percent)
Washington (62.5 percent)
Nevada (62.4 percent)
Tennessee (60.6 percent)
Alaska (60.4 percent)
Maine (59.7 percent)
North Carolina (59.3 percent)
Oregon (57.5 percent)
Alabama (57 percent)
New Hampshire (55.7 percent)
Illinois (62.4 percent)
West Virginia (60.4 percent)
Nebraska (60.3 percent)
South Dakota (59.9 percent)
Hawaii (59.8 percent)
Indiana (59.7 percent)
Delaware (59.6 percent)
New York (59.2 percent)
Louisiana (57.9 percent)
Kansas (57.7 percent)
TOP 10 INTERNATIONAL DESTINATIONS
TOP 10 INTERNATIONAL ORIGINS
“Over the past year, continued home price growth has helped spur a sizable increase in the net share of consumers who say it’s a good time to sell a home but also a modest weakening in the net share who say it is a good time to buy,” said Doug Duncan, Fannie Mae senior vice president and chief economist.
Americans are increasingly expecting home prices to rise as those who said they expect home prices to go up over the next 12 months increased eight percentage points in January to 52%, a new survey high. But even as they expect home prices to rise, the share of Americans who say mortgage rates will fall in the next 12 months increased two percentage points to -50%.
REALTORS® Typically Expect Home Prices to Increase 3% in 2018
In the monthly REALTORS® Confidence Index Survey, the National Association of REALTORS® asks members “In the neighborhood or area where you make most of your sales, what are your expectations for residential property prices over the next year?”
Among the REALTOR® respondents who responded to the December 2017 survey, the median expected price change for the next 12 months was 3.1 percent, according to the Decembe...r 2017 REALTORS® Confidence Index Survey.
The map below shows the median expected price change of the respondents in the next 12 months at the state level for surveys conducted in October—December 2017. REALTOR® respondents from Washington and Nevada had the highest median expected price growth of more than five to seven percent. In Colorado and Florida, the median expected price growth was four to five percent. Worth noting is that even in states with high property tax rates or property prices, such as New York, New Jersey, Connecticut, and California—states which are the most affected by the Tax Cuts and Jobs Act that put a cap on total itemized deductions property and state and local taxes — respondents expect either no change or a modest price appreciation of at most two percent.
The Express brand, the builder’s lower-margin business which caters to first-time homebuyers, made new homes affordable to younger generations despite stricter lending standards and rising land prices, according to an article by Arunima Banerjee for Reuters.
In fact, Express homes made up more than one-third of homes sold and more than one-fourth of total home sales in the latest quarter, the company reported Wednesday, according to the article.