In December, New Residential Single Family Home Sales decreased -2.2%, or 307,0000 annualized sales. This report has a ±13.2% monthly margin of error and November single family home sales were significantly revised, from +1.6% to +2.3%.
The December 2011 Residential construction report showed Housing starts dropped -4.1% from November's revised 685,000, to a level of 657,000. This is +24.9% above December 2010, or 526,000 housing starts. Housing starts decline was due to apartments, 5 units or more of one building structure, which dropped -27.8% in one month.
The Census, part of the Commerce Department, today released the monthly construction spending report. This is a monthly tally of how much money was spent on construction and the survey has been done since 1960. The below graph shows just how badly construction spending imploded since 2008. Dollars are not adjusted for inflation, so the overall decline is even more dramatic.
In November, New Residential Single Family Home Sales increased +1.6%, or 315,000 annualized sales. But watch for it, this report has a ±12.2% monthly margin of error. New single family home sales have increased 9.8% from a year ago.
The November 2011 Residential construction report showed Housing starts surged 9.3% from October's revised 627,000, to a level of 685 000. This is +24.3% above November 2010, or 551,000 housing starts. The surge was due to apartments, 5 units or more, of one building structure.
In October, New Residential Single Family Home Sales increased +1.3%, or 307,000 annualized sales. But watch for it, this report has a ±19.7% margin of error. This is a +8.9% increase from a year ago.
The October 2011 Residential construction report showed Housing starts decreased -0.3% from September, to a level of 628,000. This is +16.5% above October 2010, or 539,000 housing starts. New Residential Construction has a margin of error often above the monthly percentage increases, so take these monthly changes with a grain of salt.
The S&P Case Shiller home price index shows a -4.5% decline from a year ago over 20 metropolitan housing markets and a -3.8% decline for the top 10 housing markets from June 2010.
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