Just Released: May 2003 Issue of U.S. Housing Market Conditions

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HUD PD&R recently released the latest issue of "U.S. Housing
Market Conditions," summarizing activity in the housing
market through the first quarter of 2003.

The report provides a compilation of statistical data and
written reports about the national housing market, as well
as a breakdown by ten regional markets. "U.S. Housing Market
Conditions" also provides market profiles for 14 local
markets across the country and presents historical data in
summary tables. Results from the report are summarized
below.

In 2003, the housing sector continues to show the very high
levels of production (permits, starts, and completions) and
sales activity that marked 2002, particularly in the single-
family market. The manufactured housing industry, however,
continues to post some of the lowest shipment levels
experienced in over 40 years.

Housing marketing and sales were very strong in the first
quarter of 2003, with record and near-record sales. Although
new home sales were down, they were still at the second
highest level ever reported, right behind the fourth quarter
of 2002. New home prices declined from the fourth quarter of
2002, and existing home prices remained unchanged.

Also in the first quarter of 2003, we see housing
affordability improving to its best level in 30 years,
according to housing affordability indices published by the
National Association of Realtors. Interest rates are at
record lows, family incomes are increasing, and home-price
increases are modest.

The multifamily (5+ units) sector had reasonable production
with permits down slightly, starts up slightly, and
completions unchanged. There are some ominous signs in the
multifamily market, however. Market absorption of new
multifamily apartment units is at a near-record low, with
almost half of new rentals on the market for three months
without being leased.

Local housing market profiles are available for the
following cities:
o   Arecibo, Puerto Rico
o   Chattanooga, Tennessee
o   Colorado Springs, Colorado
o   Eugene-Springfield, Oregon
o   Fort Collins-Loveland, Colorado
o   Lafayette, Indiana
o   Lancaster, Pennsylvania
o   Lubbock, Texas
o   Milwaukee, Wisconsin
o   Monroe, Louisiana
o   Nassau-Suffolk, New York
o   Reno, Nevada
o   Springfield, Missouri
o   Utica-Rome, New York

The current issue of "U.S. Housing Market Conditions" is
available at
https://www.huduser.gov/periodicals/ushmc/spring03/index.html
or in printed form through the HUD USER Clearinghouse at
1-800-245-2691.
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HUD USER
P.O. Box 23268
Washington, DC 20026-3268
1-800-245-2691
1-800-927-7589 (TDD)
202-708-9981 (fax)
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