Housing Market Snapshot
Housing Starts (June 2017)
Total: 1.22 million↑ Single: 849,000↑ Multi: 366,000↑
*Seasonally Adjusted Annual Rate; Arrows indicate direction from previous month for starts and sales and year for prices.
NAHB/Wells Fargo Housing Market Index – The index, which measures builder confidence in the market for newly built single-family homes, fell two points to 64 in July from a downwardly revised June reading of 66. Any number over 50 indicates that more builders view sales conditions as good than poor.
NAHB Chief Economist Robert Dietz’s analysis: “Builder confidence remains solid and sales and starts are running at a healthy clip above last year’s levels. Meanwhile, ongoing job growth, tight inventories and low mortgage rates are boosting demand. NAHB expects the housing market will continue to make gradual gains in 2017 even as builders continue to grapple with persistent headwinds, including rising material prices and shortages of buildable lots and skilled labor.”