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U.S. Housing Market Conditions, 2nd Quarter 2010

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8 September 2010    
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U.S. Housing Market Conditions, 2nd Quarter 2010
USHMC 2nd Quarter 2010HUD's Office of Policy Development and Research (PD&R) has released the second quarter of 2010 U.S. Housing Market Conditions report with updates of production, marketing, and multifamily sector performance, as well as housing affordability, homeownership, and foreclosures. In addition to the quarterly data, the report includes comparisons with the second quarter of 2009, profiles of economic and housing market activity in each of HUD's 10 regions, and updates of historical trends in national and regional housing markets. This quarter's feature article explores “Housing in America” as described in the 2009 American Housing Survey.

Download or order free print copies by phone at 800-245-2691, option 1.

 
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Key Findings

  • The housing sector component of GDP (residential fixed investment) increased 27.9% in the second quarter, compared with a 12.3% decrease in the previous quarter.


  • Single-family housing permits dropped 15% from the previous quarter, but were up 6% from the second quarter of 2009. Starts were down 6% from the first quarter, but were 16% higher than a year earlier.


  • Completions of single-family homes increased 26% from the previous quarter, and were up 14% from the second quarter of 2009.


  • Manufactured housing shipments were up 8% from the previous quarter and 16% from a year ago.


  • New single-family home sales were down 6% from last quarter, while existing home sales grew by 9%. Distressed sales (foreclosures and short sales) represented 32% of all home sales, down from 36% in the previous quarter.


  • New homebuyers accounted for 46% of all home sales, up from 42% in the first quarter.


  • Although housing affordability remains high, it dropped 6% from the previous quarter. This is attributed to a 7% increase in the median price of existing single-family homes, which offset a 2-basis-point decline in mortgage interest rates.


  • Homeownership rates for the nation and for minorities declined, reflecting the subprime lending crisis, high rates of unemployment, and the recession.


  • When compared with the first quarter of 2010, the multifamily (5+ units) housing sector improved; permits issued, starts, and completions all rose.



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