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

Related Posts
Outdoor learning is a solution to reopen schools during COVID-19 pandemic
Virtual learning is not adequate for many working families and students due to the lack
COVID-19 Takes a Toll on US Economy
The COVID-19 Pandemic has shaken the US economy. Between April and June, the US economy
US says it will withdraw 12,000 troops from Germany
United States is moving to withdraw 12,000 troops from Germany. The move complies with President
POTUS promotes hydroxychloroquine as coronavirus treatment once again
The efficacy of the hydroxychloroquine has been disputed by several trials so far. However, President
National Football League officially cancels preseason schedule on Monday
The National Football League (NFL) announced on Monday evening that it had officially canceled the
National poker player Susie Zhao found dead in Detroit suburb
Susie Zhao, a 33-year-old Michigan lady, was found dead in a Detroit suburb on July
CDC put emphasis on reopening schools this fall
The Centers for Disease Control and Prevention (CDC) emphasized reopening schools this fall. In the
Biden says Trump is first racist president of America
Joe Biden, the former vice-president of the US, said on Wednesday, “Trump is the country’s
Ohio nurse sacrificed his life during taking care of COVID-19 patients
Matt Moeddel, a 43-year-old Ohio nurse, lost his life after being infected by the deadly
Community State Bank offers bonus for coins
The Community State Bank located in Wisconsin is offering a bonus for turning over change.