Are we seeing increases in home construction?

Syracuse, New York | mortgage rate news

What does the latest home construction data say?

According to a recent report from the U.S. Census Bureau, housing completions surged in April 2024. 1.62 million homes were completed last month. That’s up 10.3% from March 2024. Of the completed homes, just over 1 million were single-family homes.

When it comes to building permits and housing starts, both numbers were essentially flat month-over-month. Permits and starts are notoriously noisy data sets, and it’s a challenge to pull any meaningful conclusions from them. We have seen housing completions ramp up since pre-pandemic levels, and will likely continue to do so given the need for homes.

Does New York have the hottest market in the country?

Based on recent home sales data, New York state might be the fastest moving in the nation right now. Three upstate New York markets were the top cities in national rankings.

Rochester, NY was the top market in April 2024. It had rising home values, quick sales, and low inventory. However, despite the gains in home prices, it’s still one of the more affordable metro areas in the country and it boasts an impressive tech hub.

Syracuse and Buffalo came in second and third place among the hottest markets in the country for April 2024. Both markets offer affordability, and growing job markets, so it’s no wonder that families or family-minded folks are flocking to Upstate New York.

How is the housing market in southern Colorado?

Recent housing market data for southern Colorado showed that inventory is starting to build up and home prices are starting to dip. The Pueblo and Fremont metro areas saw fewer home sales in April 2024 than April 2023, but both areas saw an increase in home inventory and a decrease in home prices.

Fremont County-area mortgage broker David Madone said the increase in listings offers greater choices to buyers, and the median price range “brings retirees from the Colorado metro areas and other surrounding states.”

Colorado Springs home sales were also slower in April 2024, but home prices continued to tick higher. Colorado Springs-area broker Patrick Muldoon stated, “What is selling is upper-end homes. This gives an appearance of price increases despite the 6.6 percent drop in units sold and a 23.5 percent increase in active listings. I believe this is beginning to signal a market shift.”

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