US Housing Gaining Momentum Again, 5.7% Growth in April

US Housing Gaining Momentum Again, 5.7% Growth in April

April remained a good month for the US housing construction as two-month downtrend ended in April. Commerce Department said, “US Housing growth rose 5.7% in April at the rate of 1.235 million. The increase is seen due to the construction new single – family and multi – family houses in the United States of America.

Single-family house number rose to 854000 in April which is approximately 6.2% rise as compared to previous months. Multi-family houses rose by 2.3% in this month and reached the figure of 359000. A great start is observed in the Northeast and Midwest regions. 0.6% growth, in building permits, is observed in the April and it reached to 1.296 million units. Matthew Speakman, an economic data analyst, said, “Builders see a clear spot for a runway in April”.

Jim O’Sullivan, US Economist for High Frequency Economics, said, “It was a great start although the economic data is still volatile”. The housing starts in April is still down by 2.5% as compared to last year’s data. A decline of 1.4% is noticed in terms of completed new homes waiting to hit the market but it is 5.5% higher than the previous year.

George Ratiu, a Senior Economist, said, “new supply is a welcome gesture for the buyers”. US housing growth is a great sign of improving economy of the country. This start will play a crucial role in the overall performance of the industry in a fiscal year. There is volatility in the market but still new homes have been constructed at a good rate.

April remained a great month for the US Housing as compared to the previous months and previous year as well. There is a continuous tightness in inventory but the new supply is good news for the buyers. New homes are built at a good rate. US-China trade war is a huge factor in the upcoming months for the housing market of the US.

Staff writer for the Chicago Morning Star

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