 |
Housing Market Continues Record-Setting Pace |
|
Growing Smart
An all-new edition of the Growing Smart Legislative Guidebook is now available to help States and other entities interested in reforming planning statutes. Available from the American Planning Association (APA), this latest edition contains model statutes and commentary for planning and the management of change. The guidebook was produced with the support of HUD, the Henry M. Jackson Foundation, and other agencies and is available free of charge from the APA Web site.
|
"1998 is virtually certain to break the homeownership rate record of 65.7 percent set in 1997. This is good news for American families, good news for the housing industry, and good news for our economy."
-- Andrew Cuomo
Secretary of Housing and Urban Development
|
Stable prices, moderately increasing incomes, and falling interest rates continue to drive record-setting sales rates for both new and existing homes, according to the new issue of U.S. Housing Market Conditions. Third-quarter statistics indicate that 66.8 percent of American households own their homes (up 0.8 percentage point from the second quarter of 1998).
The November 1998 issue reports that production was up during the third quarter, with both permits and starts ahead of the last quarter and the third quarter of 1997. Other third-quarter highlights in the report include the following:
- Sales of existing homes set a new monthly record in July and reached a seasonally adjusted annual rate (SAAR) of 4,773,000 units for the quarter. Because sales rates during every month in 1998 were at a greater SAAR than the annual 1997 rates, the report predicts that 1998 will be the best year on record for existing home sales.
- New home sales reached 842,000 (SAAR) for the quarter, while September was the 13th consecutive month with sales above an annual rate of 800,000. If the pace of the first 9 months continues, builders will sell approximately 870,000 new homes, breaking the previous record of 819,000 set in 1997.
- Prices for new homes changed little from the second quarter. The median price was $150,000 and the average price was $180,200. Prices for existing homes increased 1 percent from the second quarter. The median price was $132,700 and the average price was $165,800.
The November issue of U.S. Housing Market Conditions also describes the state of the cities data systems, a new, convenient way to obtain basic economic and demographic statistics on cities and their suburbs.
For in-depth, up-to-date news and analyses of housing markets, subscribe to U.S. Housing Market Conditions for only $30 per year. Use the order form to subscribe.
|
START A DEPOSIT ACCOUNT WITH HUD USER
Does your organization order HUD publications frequently? Get new reports faster and easier -- and save the time and expense of cutting checks every month -- by setting up a deposit account ($50 minimum) with HUD USER today. Call 1-800-245-2691 for details.
|
|
Recent Research Results (RRR) is prepared by HUD USER, the information service sponsored by HUD's Office of Policy Development and Research (PD&R), to provide ready access to research information. RRR contains short summaries of reports recently published under the auspices of PD&R. In addition to disseminating Recent Research Results, HUD User produces a bibliographic database and provides complete reference and document distribution services, including resource guides, computer packages, blueprints, and audiovisual materials.
HUD USER may be contacted at P.O. Box 23268, Washington, D.C. 20026-3268, 1-800-245-2691 in the Washington, D.C., metropolitan area, (202) 708-3178. |
|
