{"id":35816,"date":"2015-08-18T11:10:43","date_gmt":"2015-08-18T18:10:43","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=35816"},"modified":"2020-10-06T17:08:28","modified_gmt":"2020-10-07T00:08:28","slug":"more-construction-good-for-the-housing-market-but-not-good-enough","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/more-construction-good-for-the-housing-market-but-not-good-enough\/","title":{"rendered":"More Construction: Good For the Housing Market, But Not Good Enough"},"content":{"rendered":"

Every month, the Census Bureau tells us how many homes are being built. Generally, economists like the number to go up, because more construction means more jobs, more consumer spending and more economic growth.<\/span>
\n<\/span>
\n<\/span>Sometimes, though, even a big increase in new home construction is disappointing.<\/strong> That happened in June, when housing starts jumped nearly 10 percent from a month earlier. It sounded good, but turned out to be a one-off blip caused by New York developers rushing to break ground before a tax credit was set to <\/span>expire<\/span><\/a>. <\/span>
\nToday, Census data<\/a> showed starts rose only 0.2 percent in July, to about 1.2 million groundbreakings a year. Even though the increase was small, it\u2019s upbeat news because the growth was driven by single-family construction, which jumped 12.8 percent to a rate of 782,000 new houses a year. Multi-family starts fell more than 17 percent.
\nGood, right? <\/strong>Yes, but not great. The chart shows you why.<\/span>
\n<\/span>
\n\"housing<\/a>
\nDespite the pickup in construction, we\u2019re way behind<\/a> where we should be. The population is growing and millennials, the country\u2019s biggest cohort, are getting married and starting their own households. Rising demand and lagging supply in housing have been driving the big price increases<\/a> we\u2019ve been seeing in many markets. That\u2019s one reason all those <\/span>millennials are living at home<\/span><\/a>, despite an improved job market.<\/span>
\n\u201cIt\u2019s important to look at this number in context,\u201d<\/strong> Redfin<\/a> Chief Economist Nela Richardson told <\/span>Bloomberg<\/a><\/span>. \u201cIt\u2019s 40 percent below the peak. It\u2019s not keeping up with the pace of demand.\u201d<\/span>
\nHomebuilders are optimistic, but their sunny outlook has yet to translate to that pickup in construction we need. The <\/span>NAHB\/Wells Fargo Housing Market Index<\/span><\/a>, which tracks builder sentiment on sales and customer traffic, came in at 61 for August, its highest level since November 2005.<\/span>
\nUntil builders start breaking more ground, though, buyers shouldn\u2019t expect much relief from rising prices.<\/span>
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Builders are constructing more new homes, but they’re not keeping up with demand from our growing population and coming-of-age millennials. That’s one big reason prices continue to rise.<\/p>\n","protected":false},"author":13355,"featured_media":35817,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74],"coauthors":[],"class_list":["post-35816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"\nMore Construction is Good for the Housing Market, but Not Good Enough<\/title>\n<meta name=\"description\" content=\"More houses are under construction, but not enough to keep up with population growth and coming-of-age millennials. 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