While some in our industry are eager to see more rapid growth, a steady and sustainable rate of increase will be beneficial in the long run. Brad Hunter, Chief Economist -- Metrostudy
WASHINGTON, D.C. (PRWEB) August 05, 2015
Metrostudy, a Hanley Wood company, announced today the release of its second quarter 2015 Home Building Outlook detailing housing construction trends nationwide. The Home Building Outlook is the platform for Metrostudy’s national and local forecasts, spotlighting the Top 100 Housing Markets across the United States.
The second quarter update indicates U.S. Housing Starts are expected to advance gradually to hit 1.07 million this year, with 691,000 of those being single family homes as defined by the Commerce Department. Multi-family housing starts are expected to increase to 379,000 as the rental market continues to exhibit strength. Metrostudy’s proprietary survey database, which consists of data from over 100 CBSAs and consists of hand-counted lots and newly occupied homes, indicates move-ins were 9% higher in the second quarter of 2015 than a year earlier, while new housing starts rose 11%.
Nationwide new home sales as defined by the Commerce Department are expected to increase 22.4% to 535,000 this year, up from 437,000 in 2014. New home sales saw a sharper peak-to-trough decline than overall housing starts, and from trough to 2014 have not increased as much, resulting in a statistical catch-up this year.
The best overall new home markets are Denver, Austin, and San Antonio in terms of health and local new home sales forecast. The southern U.S. dominates in terms of sales volume, with the largest new home markets expected to be Houston, Dallas, and Atlanta.
“The U.S. housing market continues to gradually expand,” says Brad Hunter, Chief Economist of Metrostudy. “While some in our industry are eager to see more rapid growth, a steady and sustainable rate of increase will be beneficial in the long run. Demand factors should continue to improve, and as rising rents eventually hit the pain point, more people will begin to consider home ownership.”
Metrostudy produces the Home Building Outlook to provide the building industry with visibility into local residential construction activity as well as official national forecasts.
Metrostudy is the leading provider of primary and secondary market information to the housing and residential construction industry. Metrostudy’s actionable business intelligence informs investment decisions that mitigate risk and grow revenue for builders, developers, lenders, suppliers, retailers and manufacturers. It’s the construction industry’s only integrated data intelligence solution supported by the most extensive U.S. geographic coverage. Learn more at http://www.Metrostudy.com.
About Hanley Wood
Hanley Wood is the premier company serving the information, media, and marketing needs of the residential, commercial design and construction industry. Utilizing the largest analytics-and editorially-driven Construction Industry Database, the company provides business intelligence and data driven services. The company produces award-winning media, both digital and print, high-profile executive events, and strategic marketing solutions. To learn more, visit http://www.Hanleywood.com.