Total private residential spending in the US increased 0.3 per cent from the revised November estimate to a seasonally adjusted annual rate of US$349.6 billion, said the National Association of Home Builders Monday. The December month-over-month increase was driven by a 1.2 per cent increase in the single-family component of private residential construction.
CoreLogic Tuesday released it’s Home Price Index, which shows that US home prices increased 5 per cent in December 2014 compared to December 2013. This change represents 34 months of consecutive year-over-year increases in home prices nationally.
Construction, Home Prices, US
NAHB analysis of total US private residential found that on a 3-month moving average basis, from December 2013, single-family construction spending increased 12.3 per cent and private construction spending on multifamily construction spending increased 27.6 per cent. Over the same period private construction spending on home improvements decreased 27.5 per cent.
CoreLogic data shows that, excluding distressed sales, US home prices increased 4.9 per cent in December 2014 compared to December 2013 and increased 0.1 per cent month over month compared to November 2014.
“For the full year of 2014, home prices increased 7.4 per cent, down from an 11.1-per cent increase in 2013,” said Sam Khater, deputy chief economist at CoreLogic. “Nationally, home price growth moderated and stabilized at 5 per cent the last four months of the year.”