I hope you all had a Merry Christmas and a very Happy Holiday!
Last week the New Residential Construction figures were released for November, and for two out of the three components, there was a pretty solid move upward.
The two components that were on the rise were both Privately-owned housing units authorized by building permits, and Privately-owned housing starts. The building permits for these Privately-owned housing units were up 5.7% over October 2011, but almost 21% from November 2010. The housing starts for these Privately-owned projects were up 9.3% over October 2011, but 24.3% over November 2010.
The sole component that was down was for Housing Completions (for Privately-owned Housing), and the drop off was 5.6% from October 2011, and just 1.6% from November 2010. This should be reflective of a lower pipeline earlier in the year of both building permits and housing starts. If that is the case, however, let's just imagine for a second how promising the housing completions should be a few months down the road when these elevated building permits and housing starts come to fruition.
As for Existing Homes Sales, these figures experienced a healthy bounce as well, with the completed transactions for single-family, townhomes, condominiums and co-ops, climbed 4% from October 2011, and 12.2% over November 2010. At a continued pace, we can only hope that the Shadow Inventory of homes can be devoured, so that we can truly experience the long-awaited Housing Recovery.
What are your thoughts?
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Have a Great Week, and Happy Rent-to-Owning !
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TAGS: #ResidentialConstruction #ExistingHomesSales #buildingpermits #housingstarts #HousingCompletions #ShadowInventory #housingrecovery