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In June, aggregate housing data was mostly positive; with only total starts and housing permits declining year-over-year. Single-family spending has decreased four consecutive months; multifamily 3 of 5; and remodeling 2 of 5. Completions and new single-family sales were the “Stars” of June. Reported construction spending was disappointing as well, as total residential and single-family expenditures declined month-over-month. Regionally, data were mixed across all sectors. From the depths of 2009, housing has improved; yet, 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.
August 11, 2016