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In April, aggregate housing data was positive, with new single-family housing exhibiting a surprisingly big increase. Yet, there are problematic cues – completions decreased month-over-month and year-over-year. Housing permits and starts also decreased year-over-year. Also challenging were total private residential and single-family construction spending declining month-over-month (Note, these are reported in nominal dollars). Regionally, data were mixed across all sectors. From the beginning of 2010, housing has improved. Nonetheless, most sectors of the housing market remain well less than their respective historical averages.
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Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Edwin J. Jones, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; M. Ray McKinnie, Administrator, 1890 Extension Program, Virginia State University, Petersburg.
July 7, 2016