{"id":3562,"date":"2017-04-19T00:00:00","date_gmt":"2017-04-19T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/fewer-new-homes-in-pipeline-pushes-up-prices\/"},"modified":"2017-04-19T00:00:00","modified_gmt":"2017-04-19T00:00:00","slug":"fewer-new-homes-in-pipeline-pushes-up-prices","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/fewer-new-homes-in-pipeline-pushes-up-prices\/","title":{"rendered":"Fewer New Homes in Pipeline Pushes Up Prices"},"content":{"rendered":"

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Nationwide housing<\/a> starts dropped in March, despite continued high buyer demand, which is adding pressure to overall home prices.<\/p>\n

Housing starts for single-family and multifamily homes dropped 6.8 percent in March to a seasonally adjusted annual rate of 1.22 million units, the Commerce Department reported Tuesday. Broken out, single-family production plunged 6.2 percent to an annual rate of 821,000 units in March month over month, following a strong February reading. Multifamily starts dropped 7.9 percent to an annual pace of 394,000.<\/p>\n

The constraint in new-home construction is proving a big challenge for the overall housing market, says Lawrence Yun, the chief economist for the National Association of REALTORS\u00ae.<\/p>\n

\u201cA major housing shortage exists in this country,\u201d Yun said in a statement. \u201cIt is therefore disappointing to witness in March the continued lackluster performance in new-home building, which was the second lowest activity over the past six months. Home prices have risen by 41 percent and rents have climbed 17 percent over the past five years at a time when the typical worker wage has grown by only 11 percent. To relieve housing costs, there simply needs to be more homes built.\u201d \u00a0<\/p>\n

Across the country, single- and multifamily housing production fluctuated in March. In the Northeast, housing production rose 12.9 percent in March month over month, but dropped in other regions, posting a 16.2 percent decrease in the Midwest, a 16 percent drop in the West, and a 2.9 percent drop in the South, the Commerce Department reported.<\/p>\n

Despite March\u2019s nationwide drop, the National Association of Home Builders notes that overall housing production for single-family homes in the first quarter of this year is still 8.1 percent above the pace in 2016.<\/p>\n

“The three-month moving average for single-family starts has reached a post-recession high, which shows that this sector is continuing to firm,” says NAHB Chief Economist Robert Dietz. “We can expect further gains in single-family production throughout the year, while multifamily starts should level off.”<\/p>\n

Housing permits\u2014a gauge of future production\u2014is holding promise for a turnaround. Permit issuance in March rose 3.6 percent to a seasonally adjusted annual rate of 1.26 million units, but that was all buoyed by a pickup in multifamily permits. Multifamily permits increased 13.8 percent to 437,000 units while single-family permits in March were down 1.1 percent to 823,000.<\/p>\n

By Melissa Dittmann Tracey, REALTOR\u00ae Magazine\u2019s Daily News<\/em><\/p>\n<\/div>\n

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Nationwide housing starts dropped in March, despite continued high buyer demand, which is adding pressure to … Fewer New Homes in Pipeline Pushes Up Prices<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":3563,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,2890,12908,543,127,344,8858,41,818,15282],"class_list":["post-3562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-construction","tag-home","tag-home-buying-guide","tag-homes","tag-housing","tag-housing-starts","tag-property","tag-real","tag-ross"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/1vEsNoA-cUw","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":831,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-starts-cool-off-in-january\/","url_meta":{"origin":3562,"position":0},"title":"Housing Starts Cool Off in January","author":"Amazing Property","date":"February 17, 2017","format":false,"excerpt":"Housing starts dropped 2.6 percent on a month-over-month basis in January. Overall housing production declined in January after an unusually robust reading in the multifamily sector in December, but economists were unfazed. \"As we move forward in 2017, we can expect the multifamily sector to continue to stabilize and single-family\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Housing Starts","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/UK_Housing_Market32.jpg?fit=446%2C269&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2087,"url":"https:\/\/amazingproperty.com.ng\/blog\/surge-in-single-family-housing-starts\/","url_meta":{"origin":3562,"position":1},"title":"Surge in Single-Family Housing Starts","author":"Amazing Property","date":"March 17, 2017","format":false,"excerpt":"Single-family housing starts surged in February to their highest level since late 2007, the Commerce Department reports. Overall, nationwide housing starts, including for single-family and multifamily sectors, increased 3 percent in February to a seasonally adjusted annual rate of 1.288 million units. Broken out, single-family production rose 6.5 percent in\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3710,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-zoom-to-highest-pace-in-decade\/","url_meta":{"origin":3562,"position":2},"title":"Home Sales Zoom to Highest Pace in Decade","author":"Amazing Property","date":"April 21, 2017","format":false,"excerpt":"This spring\u2019s housing mantra: Going, going, gone! \u201cSevere\u201d housing shortages are prompting existing homes to sell significantly faster this year, propelling home sales to the highest pace in more than a decade, the National Association of REALTORS\u00ae reported Friday. Strong sales gains in the Northeast and Midwest were behind most\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2412,"url":"https:\/\/amazingproperty.com.ng\/blog\/nars-yun-this-is-how-to-slow-rising-rates\/","url_meta":{"origin":3562,"position":3},"title":"NAR's Yun: This Is How to Slow Rising Rates","author":"Amazing Property","date":"March 23, 2017","format":false,"excerpt":"The Federal Reserve has made two swift rate hikes in just four months and vows of more to come. 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