By Kristena Hansen | Phoenix Business Journal
The resurgence of the new home market that kicked into high gear last year seemed to be losing some steam in early 2013, although homebuilders are keeping their heads up about the future.
U.S. homebuilder confidence took a dip for the third consecutive month in April on the National Association of Home Builders/Wells Fargo Housing Market Index to a score of 42, according to the NAHB on Monday. For reference, any reading above 50 indicates more builders view conditions as good, while anything below 50 is considered a negative outlook.
Then on Tuesday, the U.S. Census Bureau reported that single-family new home starts nationwide in March dropped by almost 5 percent from the previous month to a seasonally adjusted rate of 619,000. New single-family permits issued last month were also down by a one-half percent, although completions managed to post a 2.6 percent gain.
Other news headlines earlier this week indicated new home starts nationwide actually jumped by 7 percent month-over-month in March. While that is true, it’s imperative to note that the boost was entirely driven by the multifamily market, which spiked by about 27 percent from just February.
Also: Do real estate agents have the happiest profession in America?
If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com
