The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for September 2009:
The U.S. Census Bureau Internet site is: http://www.census.gov/newresconst
BUILDING PERMITS
This is 1.2 percent (±1.8%)* below the revised August rate of 580,000 and is 28.9 percent (±2.2%) below the September 2008
estimate of 806,000.
Single-family authorizations in September were at a rate of 450,000; this is 3.0 percent (±1.0%) below the revised August figure of
464,000. Authorizations of units in buildings with five units or more were at a rate of 104,000 in September.
HOUSING STARTS
the revised August estimate of 587,000, but is 28.2 percent (±6.7%) below the September 2008 rate of 822,000.
Single-family housing starts in September were at a rate of 501,000; this is 3.9 percent (±9.3%)* above the revised August figure of
482,000. The September rate for units in buildings with five units or more was 78,000.
HOUSING COMPLETIONS
(±10.4%)* below the revised August estimate of 772,000 and is 39.6 percent (±5.7%) below the September 2008 rate of 1,148,000.
Single-family housing completions in September were at a rate of 464,000; this is 8.3 percent (±14.3%)* below the revised August
figure of 506,000. The September rate for units in buildings with five units or more was 210,000.
New Residential Construction data for October 2009 will be released on Wednesday, November 18, 2009, at 8:30 A.M. EST. Is this good for the Real Estate Industry?
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Frank, As you know low housing starts have provided an opportunity for present inventories to be absorbed by the market. Some areas have what is considered a fairly healthy inventory of unsold homes. That appears to be a good for the real estate industry. And in come cases the areas hardest hit have seen a small appreciation in market value. In California builders are building where they can compete with existing home inventories. That's not possible across the board.
Frank, As you know low housing starts have provided an opportunity for present inventories to be absorbed by the market. Some areas have what is considered a fairly healthy inventory of unsold homes. That appears to be a good for the real estate industry. And in come cases the areas hardest hit have seen a small appreciation in market value. In California builders are building where they can compete with existing home inventories. That's not possible across the board.
Thank you for your reply to my Post. Regards,