Tuesday, May 17, 2016

REAL ESTATE NEWS...US home building picks up in April


Housing starts rose 6.6 percent from a slow March 2016 to an annual rate of 1,172,000 units, according to the Commerce Department (AFP Photo/Justin Sullivan)

Washington (AFP) - New construction of US homes picked up in April to the best pace in seven months, as the housing market continues to respond to pent-up demand, government data showed Tuesday.
Housing starts rose 6.6 percent from a slow March to an annual rate of 1,172,000 units, according to the Commerce Department.
That was modestly lower than the figure of April 2015. The expansion of construction across the country was more clear over the first four months of the year, with new home building up 10.2 percent from the same period in 2015.
The increase was strongest over the four-month period in single-family homes, up nearly 17 percent, while gains in multiple dwelling units were smaller.
Geographically, the gains over the four-month period were strongest in the Midwest. But in the West, where prices in some districts are among the country's highest, overall housing starts actually declined slightly from a year ago.

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