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May 2017   Volume 43, Number 5      
 

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Northeast Has Most New Home Starts

First-time homebuyers can breathe a sigh of relief, especially if they live in the Northeast. In a sign of more new homes to come, homebuilders secured 4.6 percent more permits to construct brand-new homes from December 2016 to January 2017, according to the seasonally adjusted numbers in a residential sales report jointly released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Number of new permits issued was 8.2 percent higher than in January 2016.

“The number of new permits is encouraging,” says Joe Kirchner, senior economist at realtor.com®. “Eventually that will lead to new homes on the market.”

The Northeast saw the biggest increase in permits in January, with an increase of 29.6 percent from December 2016 and 71.3 percent from January 2016. However, new homes aren’t cheap. The median cost of a new home was $301,400 in December, according to the most recent U.S. Department of Commerce data. This figure is 29 percent more than the $233,500 median price for an existing home, according to a report from the National Association of Realtors®.

The number of homes that were finished in January declined by 5.6 percent from December 2016 and was down 0.9 percent from the same month a year earlier. Although there’s a pause in the number of new homes completed, Kircher says that it may not last too long.

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In this issue:

12 Surprising Facts about Millennial Homebuyers

Cities Where Over 50 Percent of Millennials Own Homes

Citigroup to Exit Mortgage Servicing Business by 2018

House Flipping Frenzy Returns to U.S. Real Estate

Mortgage Volume Increases by 3.3 Percent as Borrowers Rush to Beat Rising Rates

Survey Shows Smart Home Devices Still in Early Adopter Phase

U.S. Home Prices Hit a 2.5-Year High

Wall Street Eyes Shopping Malls as Next U.S. Credit Crisis

Northeast Has Most New Home Starts

Landscaping Tips to Improve Curb Appeal


 


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