Home Building in the South Improves

The United States Census Bureau recently released data on the number of completed, privately-owned single family housing units in the South.

Data courtesy of the U.S. Census Bureau

To read the full report, click here.

Year-over-year, completed single-family homes are up 8.7%.  This is especially good news for the long-term outlook of the real estate market returning to healthier levels.

However, short term, completed single family homes have decreased month-over-month since February.  This news is concerning if the trend continues as local housing inventory has decreased to its lowest level of the year.  As the summer selling season begins, competition for home buyers will certainly continue to rise.

The increased number of completed single family homes also shows an improvement in the home building industry from last year.  As more home are completed, the more confident builders will be to start more homes.  In fact, southern home builders have over 500,000 single-family homes in the pipeline.