Real estate agents have a lot to keep up with when it comes to the housing market. The US Census Bureau and the Department of Housing and Urban Development (HUD) release monthly reports on new residential construction, which can provide valuable insights into current trends in the real estate market.
The most recent report, released on April 18, 2023, showed that new residential construction in March 2023 was at a seasonally adjusted annual rate of 1,360,000 units. This is down 24.8 percent from the March 2022 rate of 1,879,000 units. The report also showed that sales of new single-family houses in March 2023 were at a seasonally adjusted annual rate of 683,000 units.
The data from this report can help real estate agents better understand what’s happening in the housing market and how they can best serve their clients. For example, understanding how many permits are being issued for new housing units each month can give agents an idea of where demand is highest and where they should focus their efforts. Additionally, understanding the difference between new homes sold and those started or completed can help agents better assess the current state of the market and anticipate future trends.
Overall, staying informed about monthly reports like this one from the US Census Bureau and HUD can be invaluable for real estate agents looking to stay ahead of the curve when it comes to understanding current trends in the housing market.