Construction of new US homes posted a surprise fall in July, ending three straight months of increases, Commerce Department figures have shown.
Suggesting the housing market recovery remains weak, the number of new properties built last month fell 1% to an annual rate of 581,000 properties.
And yet July single-family starts were strongest since October, and have risen 5 months in a row. What accounts for this? Well maybe that multi-family starts are considerably more volatile than single-family?I still think that things are getting better. We'll see how multi-family starts go in the next few months. NY has definately not climbed out of its doldrums but the moment it the national economy is and is perceived to be growing than NY real estate will do just fine.
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