In a recent article on housing market conditions, we get an idea of how the market’s doing now. According to the article, October marked a more than nine-year high in housing starts. In fact, new construction of single and multi family homes picked up a lot. That coupled with some positive signs in the stock market heralds a positive outlook. Also, it looks like the 2016 housing market conditions and trends Q4 will lend to overall economic growth as the year nears a close. Let’s take a look at some of the trends that have laid claim to this projection.
2016 Housing Market Conditions and Trends Q4 Milestone
Home builders were busy in October. As a result, their production offers hope in economic growth. It offers an added incentive to potential buyers. For example, the groundbreaking aspect of building was up 25.5 percent. It hails the highest level met since August 2007. Also, we’re told the specific number outpacing 2007. It’s 1.32 million units. In fact, it appears these numbers come directly from the Commerce Department. Well, that’s a whole lot of groundbreaking. It shows no weakness in production. In addition, groundbreaking 2016 housing market conditions and trends Q4 were just that, ‘groundbreaking’. In fact, they set a milestone. How so? Percent increase was the biggest since July 1982.
For real estate professionals, buyers and sellers across the country, these housing market factors must be good news. Since they reflect starts in all four regions, everyone can gauge the effects from a positive point of view.
Another fact that gives rise to more hope in the 2016 housing market focuses on single family starts. We’re told that these home builds jumped 10.7 percent. That equates to 869,000 in October. In fact, it’s even more rosy to note that’s a record high since October 2007. When it comes to 2016 housing market conditions and trends Q4, that may be one of the most telling factors. Since single family makes up the largest share of residential home building, it’s a prime factor.
Finally, the article states even multi-family starts were on pace to outpace. It seems multi-family starts rose 68.8 percent. The pace equates to 454,000 units.