While multifamily starts surged 13.7% compared to November, the pace of new single-family housing construction slid 2.3%, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
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The median sales price of new homes hit a new high of $416,900.
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“November’s housing starts report signals strength for the housing market.” — First American deputy chief economist Odeta Kushi
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Housing observers noted that demand for housing remains robust despite the lack of new supply.
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“Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity.” — NAR chief economist Lawrence Yun
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“There simply aren’t enough homes for sale relative to the demand fueled by millennials armed with low mortgage rate-driven house-buying power.” — First American Deputy Chief Economist Odeta Kushi
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The seasonally adjusted estimate of new houses for sale at the end of July was 378,000, representing a supply of 6.1 months at the current sales rate.
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The increase was driven by a 21.6% month-over-month spike in the rate of new multifamily construction. Single-family housing starts, meanwhile, slid 2.8%.
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Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.
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It is not “first comes love, then comes marriage,” but for many women, “first comes homeownership,” according to First American Chief Economist Odeta Kushi.
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