The U.S. Department of Housing and Urban Development’s Office of Policy Development & Research (PD&R) recently released their National Housing Market Summary for the Q4 of 2016. According to the report, the housing market showed a mixed set of results for the fourth quarter of 2016 with construction starts rising for both single-family and multifamily housing. While purchases of new single-family homes fell, sales of previously owned (existing) homes rose. In addition, for all of 2016, the housing market continued to improve with housing starts up 6% over 2015. Construction of single-family homes increased 9% and multifamily housing starts dropped 1%. New and existing home sales were up 12 and 4 percent, respectively, showing their strongest performances since 2007 and 2006.
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