New housing starts steady (US Census) New housing starts are largely stable, says the Census Bureau, with July's numbers 1.2% lower than June's numbers, but 3.8% above the July 2010 estimates. But with the margin of error for such estimates high, most experts are discounting the statistics as likely marking a steady trend, but without much reliability.
Building permits up (M2 real estate) Like housing starts, building permits (which run several months in advance of starts), show a slight optimism on behalf of builders, up .5% nationwide, lead by 4.9% in the west, 2.9% in the northeast, and dragged down by the sleeping south (-1.4%).
Strong demand, low supply for apartments (Costar) Investors are rushing to multi-family buildings for their peak performance and lack of other safe havens. Sales volume ($15b last quarter) is 80% higher year over year, while the average per-unit trading price ($88,500) is also up, with Washington D.C. leading the sales volume at $2.6b, followed by Los Angeles at $2.3b.
Strong demand, low supply for DC (RBI) Like apartments, condo sales are being affected by the lack of new growth and solid demand, with listings down 9.7% over last July, new contracts up 19.2% and settlements up 4.1% over this month last year.
Washington D.C. real estate news