Fla. GDP hits $1 trillion markORLANDO, Fla. – July 16, 2018 – Florida's gross domestic product topped $1 trillion Friday, an economic output that would make the Sunshine State the world's 17th
Housing Starts Up
New Homes are being built at their fastest pace in over a Decade! Construction of New Homes has increased 3.3% in November. Most of that gain was in Single Family Homes.
Builders broke ground on homes last month at a seasonally adjusted annual rate of 1.3 million units. The increase shows great signs, in the recovery from the Great Recession: This is the fastest pace since September 2007, which was just before the start of that economic downturn. Recently, there has been a shortage of existing properties being listed.
Less people are putting their property on the market, despite healthy demand from buyers because the unemployment rate is at a 17 year-low and mortgage rates remain at attractive levels. New construction has filled some of this gap with starts on single-family houses rising 8.7 percent so far this year.
Still, not enough new homes are being built to totally end the supply squeeze. Over the past year, the number of sales listings for the much larger market for existing homes has fallen 6.4 percent.
The construction growth last month came from the South and West, while the Northeast and Midwest reported declines.
It's not as rosy for Multi-Family Dwellings... Ground Breaking on such projects has slipped 8.5% this past year. Building Permits a key indicator of future construction have increased 5.8% this year.
Even though property prices have climbed faster than wages, many Buyers are being helped by relatively low mortgage rates. Last year Freddie Mac reported Mortgage Rates were 4.16 per cent recently they were as low as 3.93%.
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