Booming housing start numbers in December could signal relief from the chronic shortage of homes for sale that the country is experiencing.
Housing starts rose 6% to a seasonally adjusted annual rate of 1.669 million units in December, the Commerce Department reported on Thursday. Single-family homebuilding, the largest share of starts, rose 12%.
"Home construction finished the year with the biggest bang since 2006," NAR Chief Economist Lawrence Yun said. "That means the worst of the housing shortage could soon come to an end. More inventory is clearly needed to lessen the heat of multiple offers and the consequent frustration of multiple losing bids."
The need for new housing is significant. Numbers out Friday show the inventory of homes for sale at 1.9 months, the lowest level on record.
This article originally published at https://dc.urbanturf.com/articles/blog/could-new-construction-ease-the-us-housing-shortage/17793.
Most Popular... This Week • Last 30 Days • Ever
Here are some precautions to take before buying real estate with a buddy.... read »
The largest development on the boards for the H Street Corridor will go before DC's B... read »
The plans for 7749 Old Georgetown Road will go before the Montgomery County Developme... read »
The red wall near the corner of 30th and M Street NW hit the market back in July for ... read »
Today, we highlight the five DC neighborhoods that have been the most affordable to h... read »
With interest rates reaching their highest levels in 22 years, it is critically impor... read »
Just before the holiday, UrbanTurf is taking its semi-annual look at the neighborhood... read »
Plans have been filed with DC's Historic Preservation Office to convert the building ... read »
The change would allow for an 80-acre portion of DC's 272-acre Armed Forces Retiremen... read »
An application filed with DC this week signals the end is nigh for a McDonald's locat... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... 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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro