The U.S. Census Bureau reported a 22% jump in new construction housing over June, which was 23% higher than May. This is almost 10% higher than July of 2019.
Also up, was the builder confidence index and as published by the National Association of Home Builders (NAHB), we saw a 6-point jump from the previous month, bringing it to 78 points – the highest number since December 1998.
Lastly, the Federal Reserve published Census Bureau data, showing Condo projects of 5 or more units displaying a 56% increase over last month! This is a prime indicator of the housing market, in my opinion, because many times the single-family indexes will rise before the condos see an increase.
Although January of this year was higher than July, last month was higher than any other month since June of 1986 (a great month and year if I do say so myself!).
Selfishly, it’s that last index that makes me so excited because condo projects with 5 or more units require a Public Report from the Department of Real Estate (which we’re experts at), as well as an HOA Budget (also, experts), and once they’re sold, they require reserve studies (again – we’re experts).
With low rates, low inventory, and the increased demand for suburban and rural areas, many economists are confident that housing will be one of the more buoyant areas of the economy.