Kevin P. Kane Chief Housing Market Analyst Economic & Market Analysis Division Special Thanks – Randall Goodnight (Ft. Worth) State of the Nation’s Housing.

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Presentation transcript:

Kevin P. Kane Chief Housing Market Analyst Economic & Market Analysis Division Special Thanks – Randall Goodnight (Ft. Worth) State of the Nation’s Housing Markets

Nonfarm Payrolls Annual Average Percentage Change (12-month avg.)

Regional Nonfarm Payrolls Percentage Change 12 months ending September 2011

U.S. Housing Market Conditions: 3Q 2011 Sales market conditions continue to remain soft across the country Sales market conditions continue to remain soft across the country Year over year home sales prices continued to decline in 3Q2011 (5 straight quarters)Year over year home sales prices continued to decline in 3Q2011 (5 straight quarters) Existing home sales increased 17 percent compared with 3Q2010 (compared with 13% decline in 2Q2011)Existing home sales increased 17 percent compared with 3Q2010 (compared with 13% decline in 2Q2011) Inventories of new homes for sale were down 21 percentInventories of new homes for sale were down 21 percent from a year ago and down 12 percent for existing homes from a year ago and down 12 percent for existing homes Rental market conditions are mixed throughout the countryRental market conditions are mixed throughout the country Apartment absorption is up slightly and the number of multifamily units permitted increased by 25 percent in 3Q2011Apartment absorption is up slightly and the number of multifamily units permitted increased by 25 percent in 3Q2011

Regional Conditions 3Q 2011 Region I (New England)SoftBalanced to Tight Region II (NY/NJ)SoftTight Region III (Mid-Atlantic)SoftMixed Region IV (Southeast- Caribbean)SoftBalanced Region V (MidwestSoftBalanced to Tight Region VI (Southwest)Soft Mixed (Soft in TX- improving) Region VII (Great Plains)SoftMixed Region VIII (Rocky Mountains)SoftBalanced to Tight Region IX (Pacific)SoftMixed Region X (Northwest)SoftBalanced to Tight

National Home Price Indices Based on Qtr. To Same Qtr. Previous Year

Percentage Change in SF Activity 12 Months Ending 9/10 to 9/11

Percentage Change in MF Activity 12 Months Ending 9/10 to 9/11

Summary: Year over year job growth occurred during the past 12 months but rate is still very low at 0.8% Sales Market conditions remain soft. Prices declined but sales increased in 3Q2011. Rental Market conditions are mixed throughout the nation (generally balanced to tight). Overall, rents are higher and vacancy rates arelower.

3 Contact Information: Kevin P. Kane Chief Housing Market Analyst Office of Policy Development and Research U.S. Department of Housing & Urban Development Regional/Field Economist 3Q2011 U.S. Housing Market Conditions