Maintenance increases while new home construction declines in the 10 most populous metros
Continued growth across new and existing home construction has stabilized from last year and will likely remain flat in 2020, according to the January Buildfax Housing Health Report.
The report showed that single-family housing authorizations rose 6.03% year over year in January but dipped 0.41% month over month. The volume of existing housing maintenance grew 5.67% year over year.
At a national level, housing activity kicked off the year strong. However, new construction of both single- and multifamily housing decreased across all 10 major metros year over year, while maintenance significantly increased.
This trend might suggest that homeowners are either feeling locked into their properties or are preparing their property for sale, according to Buildfax.
Miami and Houston were the only cities that posted decreases in maintenance, down 10.86% and 3.44%, respectively.
