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Mid-Year 2011 Housing Market Conditions

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August 30, 2011 

Mid-Year 2011 Housing Market Conditions

A picture of USHMC 2nd Quarter 2011 cover page. HUD’s Office of Policy Development and Research has released the second quarter of 2011 U.S. Housing Market Conditions report, documenting that the housing market recovery continues to be fragile. The report contains updates of production, marketing, and multifamily sector performance, as well as housing affordability, homeownership, and foreclosures. In addition to second quarter 2011 data, the report includes comparisons with the previous quarter and the second quarter of 2010, profiles of economic and housing market activity in each of HUD’s 10 regions, and updates of historical trends in national and regional housing markets. This report’s feature article is titled “New Low-Income Housing Tax Credit Property Data Available.”

 

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Key Findings
  • Single-family building permits rose 1% above the previous quarter but were down 10% from a year earlier, while multifamily permits were up 21% from the last quarter and 28% from a year ago.


  • New construction began on 576,000 units, down 1% from the previous quarter and 4% from a year earlier. Single-family housing starts were up 3% from the previous quarter but down 13% from 12 months earlier. Multifamily starts were 9% lower than the previous quarter but up 41% from a year earlier.


  • New housing unit completions fell 6% from the previous quarter and 30% from a year earlier. Single-family home completions increased by 2% from the previous quarter and were down 26% from a year earlier. Multifamily completions were down 31% from the previous quarter and 47% from a year earlier.


  • Manufactured housing shipments were up 7% from the last quarter, but down 12% from a year ago.


  • New single-family home sales were up 5% from the last quarter and down 6% from a year earlier. Existing home sales fell 5% from the previous quarter and by 13% from 12 months earlier.


  • Distressed sales (foreclosures and short sales) represented 33% of all home sales, down from 39% in the first quarter but up slightly from the previous year.


  • First-time homebuyers accounted for 34% of all home sales, up from 32% in the first quarter.


  • Home affordability was down 12.8 percentage points from the previous quarter but up 10.3 percentage points from a year earlier. The decline is attributed to an 8% increase in the median sales price of existing single-family homes that more than offset a 0.1% increase in median family income and a 5-basis-point decline in mortgage interest rates.


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