Archive | November, 2015

Good News Nationwide

September brought a rise of 6.5% in home building after two straight months of declines. An 18.3% increase in multifamily units, which include apartments and condominiums, led to this surge. Starts of single-family homes, which make up nearly two-thirds of the market, barely budged, rising a mere 0.3%.

Builders are confident home buyers will return to the housing market, drawn by an improved job market, higher rental costs, and continuing low interest rates from the Federal Reserve.

Sales of new homes rose in July and August, though sales have yet to reach their pre-recession levels. Building permits fell 5% between August and September, but year-to-date housing starts are up 12% and building permits up 13%.

Home construction figures can be volatile and subject to significant revisions, Tuesday’s report showed new home starts for august were revised to a 1.7% decline, compared with an initial estimate of a 3% decrease.

Rises in August

Sonoma County home prices climbed 10.2 percent in August from a year earlier, far outstripping the rise in home prices statewide, property data service CoreLogic reported Tuesday.

 

The company forecasts that national home prices will climb another 4.3 percent by August 2016. The higher mortgage rates and greater number of single family starts “should dampen demand and augment supply, leading to a moderation in home price growth” next year.

 

The Press Democrat’s monthly housing report placed the county’s median price of single family homes sold in August at $546,000 a nearly 15% increase from a year earlier.

© 2015 All Truss, Inc. All Rights Reserved.

mii tek logo for all trusssbca logo for all trussnahb logo for all trusstpi logo for all truss