New home construction and sales continue to expand along the post-recession trend. Despite a slight decline in the NAHB/Wells Fargo Housing Market Index for July, total housing starts bounced back in June, increasing to an annual rate of 1.215 million. On a year-to-date basis, single-family starts are now 8% higher than last year, while multifamily construction is down 5%.
New home sales posted only a small gain of 0.8% in June. However, compared to this time last year, sales are up nearly 9%. In contrast, NAR reports existing homes sales in June fell 1.8% from the previous month, and are roughly flat compared to June 2016.
For the 25th consecutive month, existing home inventory fell and continues to spur increases in home prices. The Case-Shiller Home Price Index grew 2.6% in May — the slowest in the last 11 months, though still faster than income growth.
–NAHB Chief Economist Robert Dietz
GHHBA, a chapter of the National Association of Home Builders, serves licensed builders, associates of the construction industry, and consumers in Marion, Lamar, Forrest, Covington and Perry counties. Our association focuses on formal builder education (MSBOC licensure and CPB certification), informing builders of market news,and giving builders the tools to respond to prospective legislation through our state counterpart, HBAM.
Membership in GHHBA keeps builders accountable to consumers. GHHBA is the name consumers trust when they look for a contractor.