The National Real Estate Market Update is presented courtesy of Lisa Nicholas, Michelle Connor, Sherry Sawyer and Jamie Mason, Mortgage Consultants, Prime Lending, Shelton, CT.  Please remember that real estate is local, and the Update below is national in scope.  It might not accurately reflect the housing market where you live or are thinking of moving to.

INFO THAT HITS US WHERE WE LIVE... We who work in the housing market understand this observation from one of the world's most successful individuals. Our intuition tells us the recovery will continue to improve, yet the monthly data occasionally seems to contradict that idea. For example, May Housing Starts came in down 6.5%, to a 1.001 million unit annual rate. This was below consensus expectations, but Housing Starts are still up 9.4% compared to a year ago. Single-family starts are up 4.7% and multifamily starts up 18.2% in the past year.

To see the underlying trend, look at the 12-month moving average. In May, that hit its highest level since October 2008. Even with the May drop in starts, overall home building kept moving forward. The total number of homes under construction (started but not finished) was up 1.4% for May and is up 20.6% over a year ago. New Building Permits were down 6.4% in May to a 991,000 annual rate, but this drop was all due to the multifamily sector, which is volatile month-to-month. Single-family permits were up 3.7%.

Have a great day!
Bob and Judy