NATIONAL MARKET UPDATE –
Home building sprang to life early in Q2, as Housing Starts shot up 5.7% in April, to a 1.235 million unit annual rate. Yes, single-family starts are down versus a year ago, but that was when building surged after late 2017’s hurricanes.
The fact is, planned housing projects (units authorized but not started) are up 19% the past year, and affordability has improved, with mortgage rates down and wages now growing faster than new home prices.
Small wonder the National Association of Home Builders reports builder confidence rose in May. Forward-looking data supports this, as Building Permits increased 0.6% in April, their first gain this year.