Housing starts in US up 5% in 2016

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Residential home construction increased 5% in 2016 from the previous year. An estimated 1,166,400 housing units were started in 2016. Single-family starts were up 9% in 2016, while multi-family declined slightly from the previous year.

In December housing starts grew 11% at a seasonally adjusted annual rate, according to the US Department of Housing and Urban Development and the Commerce Department.

Builders’ confidence in the market for new single-family homes was almost unchanged in January. According to the National Home Builder Association’s Chairman, builders expect that a new federal government will help create a better business climate for small businesses.

The National Home Builder Association expects a 10% growth in single-family construction in 2017.

The number of building permits issues, which indicates future building activity, were unchanged in December from the previous month. Single-family permits increased, while permits for multi-family construction declined in December.

Sales of existing homes sales declined in December, but 2016 as a whole was the best year in a decade, according to the National Association of Realtors. December sales were down because of low supply levels and affordability issues for first-time homebuyers. The average rate on a 30- year mortgage was 4.30% in late December, the highest rate since April 2014 according to Freddie Mac, the Federal Home Loan Mortgage Corporation.

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