Housing Starts Plummet To Lowest Point In Ten Years

The National Association of Home Builders reports a 14.3% plummet in new housing starts in January, bringing construction of new homes to the lowest point in 10 years.

Construction slowed to a seasonally adjusted rate of 1.408 million units, which is 34.8% behind January 2006. These figures were unexpectedly low and account for builders selling built-up inventories of unsold homes.

Regionally, housing starts last month decreased by 28.5% to 301,000 units in the West, 15.2% to 195,000 units in the Midwest, and 11.8% to 716,000 units in the South. Starts rose 8.9% to 196,000 units in the Northeast.

Builders are more negotiable when sitting on unsold inventory. It costs money to carry vacant houses each month. Now is a great time to think about buying a new home in Knox County. If you are in the market for a new home. Give me a call, 740-397-7800. I can help!