National housing metrics for April, 2018

Dwelling Disappointment

Seasonally adjusted annualized April housing starts were 1.287 million. While that is up 10.5% Y-o-Y, and 8% YTD, housing growth is painfully weak, and all because of single-family activity. Multifamily has fully recovered and will henceforth move sideways. However, single-family starts of 894,000 are at solidly recessionary levels despite being 107 months into the current economic recovery, the second longest in US history. Thus, we currently underbuild by 250,000 units/year!

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Elliot F. Eisenberg, Ph.D.
GraphsandLaughs, LLC
elliot@graphsandlaughs.net
Cell: 202.306.2731
http://www.econ70.com

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About TARR Report

S.M.A. Publications was formed in 1997 with a mission of providing real estate information for practitioners within the Research Triangle Park area of North Carolina. The company produces the T.A.R.R. Reports which are published monthly, quarterly and annually, covering all aspects of the residential real estate market. The publisher, Stacey P. Anfindsen, has over 23 years of residential experience in the Triangle market. He is an active real estate appraiser, educator and consultant.
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