The Housing Starts report showed a 5.9% monthly decrease in new single-family home construction, to an annual rate of 1,010,000 units. Year-over-year privately-owned housing starts, however, showed an insane 21.4% rise. Building permits also surged to a 13-year high.
Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:
“January’s decrease in single-family home construction came on the heels of a strong December that was helped by warmer weather,” said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. “With two strong months, it is clear warmer weather has helped the housing market earn some extra credit points. This could help generate positive momentum heading into the spring homebuying season.”
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