Single Family Home Construction on the Rise

For the fourth straight month, single-family home construction continues to climb. While multi-family home units are down, there’s plenty of movement happening on the single-family front.

Of course, single-family homes continue to rise in the Asheville area, too. For a better overview of what’s happening nationally, check out the article below.

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According to data from the U.S. Census Bureau, single family home construction in the United States in September 2019 rose to an annual rate of 918,000 units, which marks four straight months of continued growth in the area. Overall, housing starts fell 9 percent to an annual rate of 1.26 million units.

That decline was due to a sharp drop-off in the construction of multifamily housing units, which were down in all four regions of the country. Despite that drop off, experts remain optimistic in the housing market due to recent trends of low mortgage rates and solid job growth throughout the broader economy.

“The second half of 2019 has seen steady gains in single-family construction, and this is mirrored by the gradual uptick in builder sentiment over the past few months,” said NAHB Chief Economist Robert Dietz. “However, builders continue to remain cautious due to ongoing supply side constraints and concerns about a slowing economy.”