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Instant Reaction: January Housing Starts

The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s release from the U.S. Commerce Department on January new home construction:

“Terrific news on housing starts in January with a solid 10% gain. This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth. The large gain in housing starts in the West (10.7%) is especially welcomed, as that region has been facing acute housing shortages. Ultimately, there is still large room for improvement given the fact overall housing inventory is currently near historic lows.

This boost in housing supply not only helps the economy, but may also help the Federal Reserve temper the pace of future short-term rate hikes. That’s because the slow upward creep in the broad consumer price inflation is principally being driven by rising housing costs. Simply put, more housing supply means a lower inflation rate, and potentially a slower pace of interest rate increases by the Fed.”  

Home Prices at All-Time High in 63 Percent of Metro Areas

We reported yesterday that single-family home prices rose in 92 percent of NAR’s measured markets during the final three months of 2017. Add the 5.3 percent price growth overall last year, and the cumulative price gain nationally since 2011 is an impressive 48 percent.

This multi-year streak in price appreciation has been a welcoming sign for homeowners throughout most of the country, and especially for those who were unfortunately in a negative equity situation following the Great Recession.

Click here for a list of all metro areas where home prices are now at their all-time high.

Cheri Elliott, Broker-Associate
Century 21 Select Real Estate
4601 Post Street
El Dorado Hills, CA 95762
Direct: 916-939-7762
Text: 916-812-0382
Email: elliott-c@sbcglobal.net
BRE#01320399

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Cheri Elliott | 916-939-7762 | Contact Cheri
4601 Post Street - El Dorado Hills, CA 95762
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