The developer Belgravia Group has announced that condos in the new CA6 development are more than 80% sold.

Builders started to make headway against supply-chain issues that have hampered construction of homes in the face of high demand. 

While multifamily starts surged 13.7% compared to November, the pace of new single-family housing construction slid 2.3%, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

The median sales price of new homes hit a new high of $416,900.

“November’s housing starts report signals strength for the housing market.”  — First American deputy chief economist Odeta Kushi

“While 2021 single-family starts are expected to end the year 24% higher than the pre-Covid 2019 level, we expect higher interest rates in 2022 will put a damper on housing affordability.” — NAHB chief economist Robert Dietz

November’s reading of 83 was up three points from October, driven by low existing inventories and strong buyer demand, the National Association of Home Builders reported, citing the latest NAHB/Wells Fargo Housing Market Index.

Housing observers noted that demand for housing remains robust despite the lack of new supply.

“There simply aren’t enough homes for sale relative to the demand fueled by millennials armed with low mortgage rate-driven house-buying power.” — First American Deputy Chief Economist Odeta Kushi

The decrease was driven by a 5.1% month-over-month slide in the rate of multifamily starts, while single-family construction was flat.

The federal government can play a big role in helping to further improve assessments by releasing data from the Uniform Appraisal Database used by Fannie Mae and Freddie Mac in determining which loans to back.

The seasonally adjusted estimate of new houses for sale at the end of July was 378,000, representing a supply of 6.1 months at the current sales rate.

“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi