Mortgage & housing market update
Single-Family Construction Improves as Building Permits Soften
August construction data showed a rebound in single-family housing starts, but lower permits and fewer completions kept the broader supply outlook mixed.
Total housing starts declined 2.6% from July to a seasonally adjusted annual pace of 1.275 million, largely reflecting weaker multifamily activity. Single-family starts moved in the opposite direction, increasing 7.6% to an annual pace of 918,000.
Building permits fell 2.7% for the month, including a 1.8% decline in single-family authorizations. Completions also dropped sharply, which may limit the number of newly finished homes reaching the market in the near term even though single-family groundbreaking improved.
Buyers comparing new construction should look beyond national totals. Community-level inventory, delivery dates, builder incentives, estimated taxes, insurance, HOA or CDD costs and the terms attached to preferred-lender offers can materially change the complete cost.
Mortgage-rate information is provided for education only and is not a rate quote, offer, or commitment to lend. Actual rates, fees and terms vary by borrower, property, loan program, market conditions and lock period. Home-price indexes are not appraisals or forecasts for a specific property.
Source reporting: Housing Brief Housing News. This market update is an original summary and commentary prepared by the Carson Home Team.