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US Housing Market: 3Q 2011 Conditions

A comprehensive report on the state of the US housing market in the third quarter of 2011, including sales market conditions, home prices, rental market conditions, and job growth. Contact information for further inquiries.

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US Housing Market: 3Q 2011 Conditions

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

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

  3. Regional Nonfarm Payrolls Percentage Change 12 months ending September 2011

  4. Sales market conditions continue to remain soft across the country • 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) • Inventories of new homes for sale were down 21 percent • from a year ago and down 12 percent for existing homes • Rental market conditions are mixed throughout the country • Apartment absorption is up slightly and the number of multifamily units permitted increased by 25 percent in 3Q2011 U.S. Housing Market Conditions: 3Q 2011

  5. Regional Conditions 3Q 2011

  6. National Home Price IndicesBased on Qtr. To Same Qtr. Previous Year

  7. Percentage Change in SF Activity12 Months Ending 9/10 to 9/11

  8. Percentage Change in MF Activity12 Months Ending 9/10 to 9/11

  9. 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 are lower.

  10. Contact Information: Kevin P. KaneChief Housing Market AnalystOffice of Policy Development and ResearchU.S. Department of Housing & Urban DevelopmentEmail: kevin.p.kane@hud.govRegional/Field Economist 3Q2011 U.S. Housing Market Conditionswww.huduser.org

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