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Vol. 10 No.12
August 27, 2018
www.csrej.com
Home searches are stretching on longer
Economists: Builders add more inventory, but not quite enough
culties and delays, most prospective buyers will press ahead undeterred in their homeownership goal,” writes Rose Quint, the builder trade group’s assistant vice president for survey research, at the NAHB’s Eye on Housing blog. © Copyright National Association of Realtors. Reprinted with permission.
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Homebuilding eked out a slight increase in July, but economists say it’s still not nearly enough to catch up with home buyer demand or to help cool rising home prices. The Commerce Department reported Thursday that total housing starts for both single-family homes and multifamily building rose 0.9 percent last month to a seasonally adjusted annual rate of 1.17 million units. This was following a nine-month low in June of 1.16 million. Homebuilding was on the rise the most in the Midwest last month, increasing 11.6 percent month over month, with a 10.4 percent in the South. On the other hand, construction plunged by 11 percent in the West and by 4 percent in the Northeast. Housing starts are 1.4 percent lower compared to the same month one year ago,
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House hunters who are actively seeking a home to buy are spending significant amounts of time looking for that perfect space, according to a new poll by the National Association of Home Builders. More than half of prospective buyers surveyed in the second quarter said they’d been trying to find the right home for three months or longer. The two chief reasons why home buyers said their search was taking so long was not being able to find a home with the features they want (45%) and having difficulty finding one at a price they could afford (43%). The NAHB survey also asked prospective buyers what they would do if they still couldn’t find a suitable home in the months ahead. Fifty-five percent said they would continue to look for the “right” home in their same preferred location; 34 percent said they might expand their search area; 24 percent might be willing to accept a smaller or older home; and 19 percent may up their budget to buy a more expensive home. But one thing the majority of prospective buyers agreed on: They wouldn’t give up. In fact, only 16 percent said they would end their search if they didn’t find a home soon. This suggests “that despite the diffi-
the Commerce Department reports. But from year-todate, housing starts are up 6.2 percent from the same period a year ago. Still, some economists say the lack of new homes entering the pipeline is not helping to lift inventory woes for the overall housing market. “Given the chronic lack of affordable housing and rapidly escalating home prices, “the lack of new homes entering the pipeline not helping to lift inventory woes”
it is worrisome that on a per capita basis, the country is producing new single-family housing stock at a rate that is similar to the trough of a typical recession,” Sam Khater, chief economist at Freddie Mac, told Reuters. See Housing Starts | Page 2
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