The National Association of Home Builders (NAHB) is reporting that sales of newly built, single-family homes in September rose 18.9 percent to a seasonally adjusted annual rate of 667,000 units. This is the highest rate attained since October of 2007.
According to the data from the U.S. Department of Housing and Urban Development as well as the U.S. Census Bureau, new home sales increased in all four regions. Of significance for us in New York City and the Northeast, sales rose 33.3 percent in the Northeast. In other areas sales are up 25.8 percent in the South, 10.6 percent in the Midwest and 2.9 percent in the West.
Another statistic of significance in the housing market is the NAHB is reported a significant number of unfilled construction jobs for the August period. According the analysis, the number of open construction sector jobs increased to 247,000 in August which represents a 34% increase since August 2016. It is also the highest levels seen since February of 2007.
Home builders and remodelers have added 80,600 jobs in the last 12 months, and industry employment has increased by more than 710,000 since the low point after the Great Recession. With cleanup from the Hurricanes needed, we can expect additional resources and employment needed in the next few months to a year.
The trends lead to more opportunity for property management in the future. If you are in need of property management in the New York City region that we can help. We are a full service NYC property management company services Manhattan, Queens, Brooklyn and the Bronx.