REAL ESTATE MARKET WATCH: Single-Family Housing Starts Hit Highest Level In 10 Years
By Space Coast Daily // March 19, 2017
ABOVE VIDEO: Nationwide housing starts rose 3 percent in February from an upwardly revised January reading, according to new data from the U.S. Department of Housing and Urban Development and the Commerce Department.
BREVARD COUNTY, FLORIDA – There are now 247 single-family homes, condos and town homes built in 2017 for sale in Brevard County, according to the BrevardMLS.com. Last year, 233 properties sold that were built in 2016.
Nationwide housing starts rose 3 percent in February from an upwardly revised January reading, according to new data from the U.S. Department of Housing and Urban Development (HUD) and the Commerce Department.
Single-family production increased 6.5 percent to 872,000 units – its highest reading in nearly a decade. Meanwhile, the multifamily component fell 3.7 percent to 416,000 units.
“This month’s gain in single-family starts is consistent with rising builder confidence in the housing market,” says Granger MacDonald, chairman of the National Association of Home Builders (NAHB).
“We should see single-family production continue to grow throughout the year, tempered somewhat by supply-side constraints such as access to lots and labor.”
Regionally in February, combined single- and multifamily housing production rose 35.7 percent in the West. Starts fell by 3.8 percent in the South, 4.6 in the Midwest and 9.8 percent in the Northeast.
“New home sales have continued to be strong for Adams Homes across the Southeast. Although hard cost increases have pushed home prices up, historically low interest rates have kept buyer excitement high” says Elizabeth Porter, Regional Manager for Adams Homes.
“Some markets are still experiencing labor strains, but overall we are encouraged by the increase in skilled trades accessible for new construction. Adams Homes has made a strong investment in lots to prepare for continued growth and we’re optimistic about the future” says Porter.
A drop in multifamily permits pulled overall permit issuance down 6.2 percent in February. Multifamily permits fell 21.6 percent to 381,000 units – but single-family permits rose 3.1 percent to 832,000 units – its highest level since September 2007.
Regionally, overall permits rose 25.4 percent in the Midwest. Permits fell 10 percent in the West, 10.4 percent in the South and 22.3 percent in the Northeast.
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ABOUT THE AUTHOR
Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards including the prestigious RE/MAX Hall of Fame Award.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $300 million.
Among McCoy-Freeman Group’s achievements are RE/MAX Hall of Fame, RE/MAX Platinum Club, Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County.
The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.com