Inventory Relief? Housing Starts Top 1 Million
✉️ Want to forward this article? Click here.
Housing starts rose to a seasonally-adjusted rate of 1.036 million in March, according to the Commerce Department’s monthly residential construction report published on Tuesday. The seven-figure number marked the highest level for starts in five years.
While single-family housing starts fell between February and March, multi-unit construction (buildings with five units or more) shot up to 392,000, a 27 percent month-over-month increase. According to Trulia’s Jed Kolko, 38 percent of housing starts in March were in multi-unit buildings (the normal proportion is around 20%), which means that there will be a good deal of apartments and condos hitting the market in about a year.
While the increase in multi-family starts accounts for both rental and for-sale units, it will certainly help the local and national housing markets, both of which have been plagued by a record-low inventory of homes on the market.
See other articles related to: commerce department, housing starts
This article originally published at https://dc.urbanturf.com/articles/blog/construction_of_new_homes_at_highest_level_in_5_years/6938.
Most Popular... This Week • Last 30 Days • Ever
A look at the closing costs that homebuyers pay at the closing table.... read »
3331 N Street NW sold in an off-market transaction on Thursday for nearly $12 million... read »
In this article, UrbanTurf will explore the considerations and steps involved in buyi... read »
The most expensive home to sell in the DC region in years closed on Halloween for an ... read »
Paradigm Development Company has plans in the works to build a 12-story, 110-unit con... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro