If you own (or intend to own) your own Costa Mesa house, some portion of your brain is probably attuned to late-breaking housing news. This may ring true for you—particularly if you have ever found yourself suddenly paying attention after hearing a newscaster utter the words “crisis,” “surge,” “slump,” or “rebound” combined with “housing” or “single-family.” If you found yourself hitting the remote’s rewind button to go back and see what the story was, you’re one of Costa Mesa’s homeowners who shares this subconscious alert system.
Costa Mesa real estate professionals have a more active line into real estate scuttlebutt. One of our monitored sources is the NAHB—the National Association of Home Builders. In recent years, the news out of their DC headquarters has been pretty dour—evidence that they are more than just industry cheerleaders. They’ve been reporting numbers that reinforce the message that the pace of home building has been well short of what’s needed.
One of the side effects was to depress activity in the market in general. But that began to turn around this past spring—and last week, the NAHB announced that a housing construction rebound continues. Some of the newly optimistic phrases to grab the attention of Costa Mesa real estate watchers: “…expect ongoing improvements in housing demand and growth in new construction;” “single-family construction edged up 0.3% in September;” “residential building prices…up just 1.7% thus far in 2019….”Other NAHB pieces sported headlines like “Single-Family Starts Edge Up in September” and “Builder Confidence Hits 20-Month High.”
The small print did point out that the 50-year low in unemployment has created a tight labor market, which somewhat hampers building activity. But Costa Mesa homeowners’ subconscious antennae probably don’t perk up at labor market minutiae. When builder confidence and single-family starts are noticeably on the upswing, the good news registers. For more local Costa Mesa real estate updates, give us a call—anytime!