There are more than 15 percent fewer entry-level homes under $200,000 on the market this year .jpg)
than last year,” said Hale. “In contrast, there are slightly more $350,000 plus homes on the market than last year.
If raises help buyers reach beyond entry-level homes, it could lead to a better match up of home shoppers and available homes.”
Friday’s numbers also indicated some hope for relief in housing supply. The data found that construction employment continued to trend up in June and had increased by 282,000 year over year.
“Specifically for the housing market, residential construction employment increased, which is critically important to increase the pace of housing starts and add more housing supply to the market.” “Based on the increase of residential construction employment this year, it is not surprising that housing starts have been rising.”
“Over the past year, 282,000 total construction jobs have been added as builders work to add supply given the tight inventory and rising home prices.”
Money spent on construction of new structures in May rose 4.5 percent in May, compared with the same period a year ago. Revised April data indicated that month over month, total construction rose 0.4 percent above the revised April estimates. Residential construction also saw a slight uptick on a month over month basis, rising 0.8 percent in May.
On a year over year basis, total residential construction spends rose 6.6 percent, led by an increase in construction of new single-family homes that rose to more than growing 8.2 percent over the same period last year. While new home sales have been rising along with housing starts.
“We had previously expected improve builder margins by 10-15 percent, which we anticipated may have led builders to consider increasing activity at the lower-end of the market where inventory challenges are particularly acute.
Are You Ready to Sell or Buy, now is the Time, We have a wealth of information and 18 years of experience to help you get started. Visit us at WWW.PrecisionReal-T.com or if you prefer a more personal touch Call us today at 801 809-9866.
#RealEstateForSale #Homeownership #UtahRealEstate #Newconstruction
than last year,” said Hale. “In contrast, there are slightly more $350,000 plus homes on the market than last year.If raises help buyers reach beyond entry-level homes, it could lead to a better match up of home shoppers and available homes.”
Friday’s numbers also indicated some hope for relief in housing supply. The data found that construction employment continued to trend up in June and had increased by 282,000 year over year.
“Specifically for the housing market, residential construction employment increased, which is critically important to increase the pace of housing starts and add more housing supply to the market.” “Based on the increase of residential construction employment this year, it is not surprising that housing starts have been rising.”
“Over the past year, 282,000 total construction jobs have been added as builders work to add supply given the tight inventory and rising home prices.”
Money spent on construction of new structures in May rose 4.5 percent in May, compared with the same period a year ago. Revised April data indicated that month over month, total construction rose 0.4 percent above the revised April estimates. Residential construction also saw a slight uptick on a month over month basis, rising 0.8 percent in May.On a year over year basis, total residential construction spends rose 6.6 percent, led by an increase in construction of new single-family homes that rose to more than growing 8.2 percent over the same period last year. While new home sales have been rising along with housing starts.
“We had previously expected improve builder margins by 10-15 percent, which we anticipated may have led builders to consider increasing activity at the lower-end of the market where inventory challenges are particularly acute.
Are You Ready to Sell or Buy, now is the Time, We have a wealth of information and 18 years of experience to help you get started. Visit us at WWW.PrecisionReal-T.com or if you prefer a more personal touch Call us today at 801 809-9866.
#RealEstateForSale #Homeownership #UtahRealEstate #Newconstruction
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