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Just Released: U.S. Housing Market Conditions, 3rd Quarter, 2005

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HUD has released its latest analysis of the housing
market, based on performance numbers covering housing
production, sales, affordability, and multifamily housing
production.

In brief, the housing sector continues to be a major
contributor to U.S. economic growth. The total number of
building permits and starts increased in the third
quarter of 2005 from the second quarter, as well as in
comparison to the third quarter of 2004. Single-family
permits and single-family starts each set new quarterly
records. Single-family completions declined by nearly
four percent, but were still at their second highest
level for the past 37 years. The production of
manufactured housing, on the other hand, remained at low
levels. Multifamily housing unit permits, starts, and
completions fell from the previous quarter. Compared to a
year ago, multifamily starts were up 4.3 percent, but
completions were down by 18.4 percent.

Sales of existing homes set a new record high and sales
of new homes were at the second highest level ever
reported. Prices were somewhat mixed, as new home prices
were down in the third quarter while existing home prices
increased. The interest rate for 30-year, fixed-rate
mortgages averaged 5.76 percent, up 4 basis points from
the second quarter but down 13 basis points from the
third quarter of 2004. American families' affordability
situation worsened as housing price increases offset a
modest increase in income and low mortgage interest
rates.

These data are reported in detail at national and
regional levels, and can be compared to the historical
trends provided in the report. Additionally, this issue
of "U.S. Housing Market Conditions" includes discussion
of the "Residential Finance Survey: 2001," also recently
released by HUD and the U.S. Census Bureau, plus in-depth
housing market profiles of Appleton-Oshkosh, WI; Buffalo-
Niagara Falls, NY; Charleston, SC; Davenport-Moline-Rock
Island, IA-IL; Dover and Southern Delaware; Duluth-
Superior, MN-WI; Grand Rapids, MI; Kansas City, MO-KS;
Riverside-San Bernardino-Ontario, CA; Shreveport-Bossier
City, LA; Tyler, TX; and West Palm Beach-Boca Raton, FL.
The "U.S. Housing Market Conditions, 3rd Quarter, 2005" is
available online at
https://www.huduser.gov/periodicals/ushmc/fall05/USHMC_05Q3.pdf

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