‘Dramatic Bounce Back’ Indicated in July Housing Health Report

first_imgHome / Daily Dose / ‘Dramatic Bounce Back’ Indicated in July Housing Health Report Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago August 17, 2020 781 Views Despite the coronavirus pandemic, housing activity keeps advancing, researchers say. Analysts say the growth, despite COVID’s persistence, “indicates underlying consumer demand.”  According to the BuildFax Housing Health Report for July, published this week, single-family housing authorizations continue to rise substantially month over month. In addition, they said, existing housing activity increased, suggesting a potential bounce back from April lows, adding that, “growth in housing activity, despite COVID-19 persistence, indicates underlying consumer demand.” Housing activity has the potential to return to its early 2020 growth trajectory, said Jonathan Kanarek, Managing Director at BuildFax.  “Existing housing supply has shown a dramatic bounce back. Maintenance activity, for instance, grew from double-digit declines in April to a healthy increase this month,” he said. “We’re still seeing some hesitance in the market, including the conflicting signals within new construction and decreases in construction spend. However, growth in new and existing housing activity signify consumers’ underlying need for a larger and healthier housing stock.” More specifically, BuildFax reports, in July, single-family housing authorizations increased 6.83% month-over-month but decreased 5.28% year-over-year.  The month-over-month increase may be a result of builders reacting to a future rise in prospective homebuyers,” the researchers note. “In recent months, historically low mortgage rates and steadily declining unemployment have started to positively shift the home buying outlook. While construction spending is still falling, it’s doing so at lower rates each month.”  As for existing housing activity, following steep declines in April, the strain has been easing steadily, and July was no exception. Maintenance volume increased 5.60%, and spend declined 0.75% year over year. Additionally, remodel volume—a subset of maintenance that includes renovations, additions, and alterations—increased 2.59% while spend decreased 1.59% year over year. BuildFax conducted its research by examining U.S. properties between 2013 and 2020. Their data is seasonally adjusted and imputed to reflect numbers representative of the entire country. The latest estimates, highlighted above, are as of August 8, 2020.  Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share 2Save  Print This Post Sign up for DS News Daily About Author: Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Newscenter_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago ‘Dramatic Bounce Back’ Indicated in July Housing Health Report Tagged with: housing health The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Subscribe housing health 2020-08-17 Christina Hughes Babb Demand Propels Home Prices Upward 2 days ago Previous: The Week Ahead: A Look at Housing Market Health Next: Almost 3 Million Homeowners May Not Qualify for COVID Relief The Best Markets For Residential Property Investors 2 days agolast_img

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