New construction was up for 2020, both in housing starts and completions! More single-family houses and multi-family houses are being built and this can help with the shortage of inventory for our buyers out there! Here’s the scoop on the housing starts and completions from figures cited by the United States Census Bureau.
Here’s information on Housing Starts:
–Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,669,000. is 5.2 percent above the December 2019 rate of 1,587,000.
–Single-family housing starts in December were at a rate of 1,338,000;
this is 12.0 percent above the revised November figure of 1,195,000.
–The December rate for units in buildings with five units or more was 312,000.
–An estimated 1,380,300 housing units were started in 2020. This is 7.0 percent above the 2019.
Here’s some stats on Housing Completions:
–Privately-owned housing completions in December were at a seasonally adjusted annual rate of 1,417,000. is 8.0 percent
above the December 2019 rate.
–Single-family housing completions in December were at a rate of
984,000; this is 10.2 percent above the revised November rate of 893,000.
–Units in buildings with five units or more was 422,000. An estimated 1,290,600 housing units is 2.8 percent above the 2019.
Overall the market is looking good for new construction; housing starts and completions are up and the real estate market is looking strong entering into this new year! A newly constructed home is a fantastic option for home buyers looking in this reduced inventory market. There are many new developments currently being constructed, offering different prices and amenities for you to take advantage of. Please ask me to help you research new homes!
I look forward to reporting and sharing information with you that I find helpful in understanding the real estate market. Please comment or ask me a question, or if there is a topic you would like us to write about please let us know!
Beth Brake REALTOR®
Positively changing your life as you move forward to your dreams.