Each month, Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.”  We summarize three key housing market indicators: construction starts (Census), existing home sales (NAR), and the delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels.

In March 2013, construction starts and the delinquency + foreclosure rate improved:

• Construction starts rocketed to a new post-bubble high. Starts were at a 1,036,000 seasonally adjusted annualized rate – up 7% month-over-month and 47% year-over-year – which is the highest level since June 2008. In March, 38% of new starts were in multi-unit buildings, compared with the typical level of 20%. Construction starts are now 55% of the way back to the normal level of 1.5 million from their low during the bust.

• Existing home sales went down a bit. Sales fell 0.6% in March to a seasonally adjusted annualized rate of 4.92 million homes. That’s a 10% increase over one year ago. Excluding distressed sales, conventional home sales were up 23% year-over-year in March. Also, inventory rose even on a seasonally adjusted basis for the second month in a row. Overall, existing home sales are 66% back to normal.

• The delinquency + foreclosure rate dropped yet again. The share of mortgages in delinquency or foreclosure dropped to 9.96% in March, down from 10.18% in February and 10.98% in March 2012. The combined delinquency + foreclosure rate is 48% back to normal and at its lowest level since October 2008.

Each month, Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.”  We summarize three key housing market indicators: construction starts (Census), existing home sales (NAR), and the delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels.

In January 2013, construction starts slid, while home sales and the delinquency + foreclosure rate both improved slightly relative to December:

• Construction starts fell monthly, but were still up sharply year-over-year. Starts were at an 890,000 annualized rate, down 8.5% month-over-month but up 24% year-over-year. The month-over-month decline was relative to a December spike in multifamily housing starts, which tend to be volatile. January starts were at their second-highest level since July 2008, and single-family housing starts were at their highest level since that same month. Furthermore, residential construction employment was up 2.6% year-over-year in January – outpacing employment overall, which rose 1.5%. Construction starts are now 40% of the way back to normal.

• Existing home sales edged up. Sales rose slightly to 4.92 million in January from 4.90 million in December. Year-over-year, sales were up 9%. But the mix of sales is shifting from “distressed” sales — foreclosures and short sales — to “conventional” home sales. Excluding distressed sales, conventional home sales were up 29% year-over-year in January. Overall, existing home sales are 66% back to normal.

• The delinquency + foreclosure rate improved. After holding nearly steady for three months, the share of mortgages in delinquency or foreclosure fell in January to 10.44%, from 10.61% in December. The January rate is the lowest level since December 2008. The combined delinquency + foreclosure rate is 43% back to normal.

Each month, Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.”  We summarize three key housing market indicators: construction starts (Census), existing home sales (NAR), and the delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels.

In December 2012, construction starts jumped dramatically, while home sales and the delinquency + foreclosure rate remained near their strong November levels:

• Construction starts leapt to a 54-month high in December. Starts were at a 954,000 annualized rate, up 12% month-over-month and up 37% year-over-year. That’s the highest level since June 2008. Looking at all of 2012, starts were up 28% compared with 2011, led by construction in Texas and the Carolinas and by a rebound in multi-unit building construction. Construction starts are now 47% of the way back to normal.
• Existing home sales slipped slightly in December. Sales dropped 1% to 4.94 million–still the second-highest level since November 2009. That puts sales 68% back to normal. Year-over-year, sales were up 13%. The better news is that “distressed” sales (foreclosures and short sales) represent a declining share of overall sales. Excluding distressed sales, “conventional” home sales were up 26% year-over-year in December.
• The delinquency + foreclosure rate held steady. In December, 10.61% of mortgages were delinquent or in foreclosure, down a hair from 10.63% in November. The combined delinquency + foreclosure rate is at its lowest level in four years and is 41% back to normal.

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Each month, Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.”  We summarize three key housing market indicators: construction starts (Census), existing home sales (NAR), and the delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels.

In November 2012, home sales saw strong increases, and the delinquency + foreclosure rate held steady–both signs of market improvement. However, new construction starts declined.

Hurricane Sandy appears to have lowered construction (and sales, to a lesser extent) in the Northeast. Average monthly construction starts were 14% higher nationally in October and November – the months affected by Sandy – than in the previous four months, but 5% lower in the Northeast. Average monthly home sales were 7% higher nationally in October and November than in the previous four months, but just 3% higher in the Northeast.

• Construction starts dipped in November but remain strong. Starts in November were at an 861,000 annualized rate, down 3% month-over-month and up 22% year-over-year. For the past three months, construction starts have remained solidly above 800,000–the highest level since September 2008. Nationally, construction starts are 37% of the way back to normal.
• Existing home sales rose once again in November. After climbing in October, existing home sales rose 6% month-over-month to 5.04 million in November–the highest level since November 2009. Sales are 73% back to normal. Even better, “distressed” sales (foreclosures and short sales) represent a declining share of overall sales, making way for more “conventional” home sales.
• The delinquency + foreclosure rate maintained a new post-crisis low. In November, 10.63% of mortgages were delinquent or in foreclosure, down a hair from 10.64% in October. The combined delinquency + foreclosure rate is at its lowest level in four years and is 41% back to normal.