The October U.S. Census Bureau reported that new home construction significantly improved as multifamily units climbed back from a decline during September as well as single-family starts. The growth is attributed to new buyer demand and the entrance of Millennials into the market.
Privately-owned housing starts increased 25.5% in October to 1.32 million representing a 23.3% improvement over 2015’s 1.07 million.
Single-family housing starts increased 10.7% from September’s 785,000 to 869,000 in October.
+ In addition, the number of building permits also increased in October.
+ Privately-owned housing units authorized by building permits increased 0.3% in October to 1.229 million, up 4.6% from 2015’s 1.18 million.
+ Single-family authorizations increase 2.7% from September’s 742,000 to 762,000 in October.
+ Builder confidence remained high in November, according to the National Association of Home Builders.
+ Privately-owned housing completions also increased in October by 5.5% from September’s 1 million to 1.05 million and up 7.2% from 2015’s 984,000.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency,, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.