Positive signs for the future of the nation’s housing inventory, however preliminary, emerged today with the release of reports from the Census Bureau and the Department of Housing and Urban Development. The report covers the permits authorized for residential construction from both September and October.
Permits issued in September for residential construction were numbered at a seasonally adjusted rate of 974,000. This represents a 5.2% increase from August, which had a reported 926,000 number of permits for residential construction.
October witnessed even further increases, numbering at a seasonally adjusted rate of 1,034,000. This is a 6.2% from the previous month. Permits this October were 13.9% above their number in October of 2012.
From September to October single family permits saw a 0.8% increase from 615,000 to 620,000. This increase amounts to a 24% increase from October 2012 to October 2013.
Multifamily permits saw an increase of 16.9% in October from September, from 331,000 to 387,000. This is a 24% increase from October 2012.
Because of the government shutdown, the schedule for data collection the commencement and completion of new housing units was delayed. Data on housing units started and completed for the months of September, October, and November of this year will be released on December 18th.
For those seeking to return to home ownership after foreclosure or short sale, this increase in authorization of new housing could mean increases in housing inventory in the coming year. With programs in place to help you return to home ownership after foreclosure or short sale, returning to home ownership may be within closer reach than previously thought.
Click here to read the full report.
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