Eye On Housing
New Home Sales Expand Moderately
Sales of new single-family homes rose 0.8 percent in June 2017 to 610,000 as reported jointly by the Census Bureau and the Department of Housing and Urban Development. The June increase reflected a downward revision to the estimate of new home sales in May. If the May sales number remained at its initially reported level of 610,000, then sales would… Read More ›
Recent Posts
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Home Prices in May – Another Slow Growth Month
In May national home prices rose slowly, while the pace of gains varied by market. The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 2.6% in May, the slowest rate of growth in the past 11 months. After reaching 8.7% in November 2016, house price appreciation has… Read More ›
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June Existing Sales Slow
Existing home sales decreased 1.8 % in June, but remain 0.7% above the pace a year ago. Some 54% of homes sold last month were on the market less than a month as buyers overcame low inventory and higher prices. June inventory declined 0.5%, and remains 7.1% lower than a year ago, having fallen year-over-year for the 25th consecutive month…. Read More ›
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Builders Concerns of Lot Availability Unchanged from 2016
The monthly NAHB/Wells Fargo Housing Market Index (HMI) survey includes a set of “special” questions on a topic of current interest to the housing industry. In June 2017, the special questions asked builders about the supply and price of developed lots. Sixty-four percent of builders reported that the overall supply of developed lots in their areas was low to very… Read More ›
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Remodeling Market Indicator Remains in Positive Territory
The Remodeling Market Index (RMI) dropped 3 points to 55 in the second quarter of 2017, according to the National Association of Home Builders (NAHB). Although the RMI posted a decrease, it has been at or above 50 for 17 consecutive quarters. A reading above 50 indicates that more remodelers report market activity is higher (compared to the prior quarter)… Read More ›
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Single-Family Starts Bounce Back in June
Total housing starts bounced back in June after a weak May. Total starts increased 8.3% to a 1.215 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. Monthly increases were recorded for both single-family and multifamily development. Single-family starts moved forward, increasing to an 849,000 annual rate in June. The February annualized… Read More ›
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Shelter Prices Contribute to Consumer Inflation
Consumer prices faced by urban consumers nationwide, as measured by the Bureau of Labor Statistics’ Consumer Price Index – Urban Consumer (CPI), rose by 1.6 percent over the past year on a not seasonally adjusted dating back to June 2016. However, over the past month, consumer prices were unchanged (seasonally adjusted basis). The Shelter Price Index was a key contributor… Read More ›
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Builder Confidence Slips Two Points in July, Remains Solid
Builder confidence in the market for newly-built single-family homes slipped two points to 64 in July from a downwardly revised June reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). It is the lowest reading since November 2016. Members are expressing significant concerns over rising material prices, particularly lumber. This issue, along with other significant supply-side… Read More ›
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Residential Construction Loan Growth at Smaller Banks Has Slowed
Residential construction loans held by banks have grown over the past 4 years. However, in recent quarters, growth in the stock of residential construction loans has slowed. The recent slowdown in residential construction loan volume largely reflects a deceleration in growth across smaller banks, those with assets below $10 billion. These banks hold the majority of the bank-held residential construction… Read More ›
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Specialty Contractor Partnerships’ Use of Debt and Capital
Specialty contractors structured as partnerships generated aggregate net income of $4.5 billion in 2014, according to the most recent IRS data available.[1] These data are broken out by industry and income tax deductions, allowing us to compare the use of tax deductions by partnerships across a wide array of sectors. Analyzing the size of depreciation and business interest deductions taken… Read More ›