New home sales are up 11 percent after a 10-percent downturn in the first quarter of 1995, another result of decreased interest rates. The greatest improvement in home sales came from first-time buyers purchasing moderately priced homes. The median home price was $133,000 in the second quarter, essentially unchanged over the past two quarters.
Although multifamily housing construction activity has been strong in most regions over the past year, permits and starts were down slightly in the second quarter. Despite the low interest rates, single-family permits and starts were also down. Manufactured home shipments and placements were the exception to the decrease in housing production, rising 5 and 4 percent, respectively, over their first quarter levels.
In addition to its regular collection of national data on housing production, marketing, finance, investment, and the housing inventory, this issue of U.S. Housing Market Conditions features an examination of the performance of Section 8 housing vouchers and certificates. Also new in this issue are six additional historical data tables that trace factors instrumental in determining housing demand.
Each issue also includes a general summary that goes behind national statistics to place market trends in perspective and discuss significant findings. Brief analyses by HUD's economists in the Department's 10 administrative regions focus on regional housing conditions and highlight developments in selected metropolitan areas. In this issue the focus is on housing conditions in New London-Norwich, Connecticut; Glen Falls, New York; Richmond-Petersburg, Virginia; Knoxville, Tennessee; Madison, Wisconsin; Fayetteville-Springdale-Rogers, Arkansas; Wichita, Kansas; Colorado Springs, Colorado; Fresno, California; and Eugene-Springfield, Oregon.
A wealth of indispensable national and regional housing information is contained in the latest issue of U.S. Housing Market Conditions, now available from HUD USER for only $4. Please contact HUD USER to obtain copies.