Housing Activity Enters 2021 ‘On Strong Footing’

first_imgHome / Daily Dose / Housing Activity Enters 2021 ‘On Strong Footing’ Previous: Fixed-Rates Inch Closer to 3% Mark Next: NY Court of Appeals Rules on Foreclosure Deceleration, SOL Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago According to BuildFax’s January 2021 “Housing Health Report,” single-family housing authorizations decreased just 0.36% from December 2020’s totals, remaining relatively flat, partly attributed to rising building material costs and a lack of affordable lots. Despite the slight dip in month-over-month activity, new housing supply remains strong, with year-over-year activity up 9.89% and the trailing three-month outlook, covering the months of November 2020 to January 2021, up 11% despite a continued tight national housing supply.“Housing activity enters 2021 on a strong footing,” said Jonathan Kanarek, Managing Director of BuildFax. “January marks the sixth month of year-over-year increases in new and existing housing supply, which should be welcome news for the broader economy.”The report found that housing maintenance volume and spending increased 8.37% and 17.87% respectively, year-over-year. Additionally, remodeling volume and expenses—a subset of maintenance including home renovations, additions and alterations—increased 10.04% and 12.37% year-over-year, respectively.Homeowners were hesitant to enter the market in January, leading to new home inventory lows. Consequently, existing housing activity remains strong as homeowners choose to invest in their properties rather than re-enter the market.“However, despite increasing new construction, homeowners are facing a severe housing shortage,” said Kanarek. “Homebuyers are likely to face a competitive spring homebuying season, as sellers remain hesitant to re-enter the market, home prices soar and interest rates slowly tick upwards.” BuildFax’s “Housing Health Report” was compiled by examining properties in the U.S. between the years 2013 and 2021. All data is seasonally-adjusted and imputed to reflect numbers representative of the entire country. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago February 18, 2021 994 Views About Author: Eric C. Peckcenter_img BuildFax 2021-02-18 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: BuildFax Sign up for DS News Daily  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Housing Activity Enters 2021 ‘On Strong Footing’ Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. in Daily Dose, Featured, Market Studies, News Subscribelast_img read more


May 31, 2021 0