Blog, Housing

1st Quarter 2024 Reno/Sparks Report

Overall, 1Q 2024 numbers are looking slightly better than 1Q 2023, mostly due to stabilization of prices.  The quarter did experience a slew of entitlement activity and new construction, including first final maps for Wingfield Commons (east of Golden Eagle Regional Park) and Miramonte Phase 6, and yet another MF approval for 1275 E Prater Way.  Three developments in North Valleys sold their first homes in the quarter, while a fourth began construction.

Finally, the enigmatic Stonegate is back with a new concept that adds more industrial use and less homes, and Toll Brothers continues its run with attached single-family product with the purchase of Riverpoint at Idlewild.

The glass is definitely half-full.

As always, feel free to contact me with spot data/questions, or any other information needs.

Housing

2024 Housing Starts Outlook

While housing starts in January fell 15% M-o-M and almost 1% Y-o-Y, that misses the point entirely. Single-family starts slid 4.7% M-o-M but are up 22% Y-o-Y. By contrast, multifamily fell 36% M-o-M and 38% Y-o-Y. Similarly, single-family permits rose 1.6% M-o-M and 36% Y-o-Y, while multifamily permits fell 9% M-o-M and 27% Y-o-Y. Single-family activity is strong and growing while multifamily continues to rapidly contract.

Source: Econ70.com