Eye On Housing
Share of Non-Conventional Financing Increased in 2019
NAHB analysis of the 2019 Census Bureau Survey of Construction (SOC) data shows that, nationwide, the share of non-conventional financing for new home sales accounted for 35.0% of the market, while conventional financing dominated the market at 65.0%. In 2018, share of non-conventional financing was 28.6% of the market while conventional financing accounted for 71.4% of the market share. Non-conventional… Read More ›
Recent Posts
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Single-Family Starts Growth Slowed in Seven Divisions in 2019
According to NAHB analysis of the Survey of Construction (SOC), nationally, 891,068 new single-family units were started in 2019, 1% higher than the units started in 2018. It was 107% higher than the trough of 2011 (430,677 units). Among all the nine Census divisions, new single-family units started in the South Atlantic, West South Central and Mountain Divisions exceeded 100k… Read More ›
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New Home Sales at Highest Pace Since September 2006
New single-family home sales surged in August, as housing demand was supported by low interest rates, a renewed consumer focus on the importance of housing, and rising demand in lower-density markets like suburbs and exurbs. Census and HUD estimated new home sales in August at a 1.01 million seasonally adjusted annual pace, an approximate 4.8% gain over revised July rate… Read More ›
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Continuing Claims Continue to Decrease
According to the Unemployment Insurance Weekly Claims Report released by the U.S. Department of Labor today, weekly initial jobless claims inched up during the week ending September 19, and continuing claims, which lag initial jobless claims by one week, decreased for the week ending September 12. The data indicate that labor market continues to recover from the COVID-19 pandemic, but… Read More ›
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Home Purchasing Reaches Highest Level in Over a Decade
For the week ending September 18, 2020, the Mortgage Bankers Association’s latest Weekly Application Survey showed a jump in application activity, both in purchasing and refinancing, as its Market Composite Index increased 6.8% from the previous week on a seasonally adjusted basis. Most notably, the Purchasing Activity reached its highest level since January 2009, when it was only 5.3% higher…. Read More ›
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New Homes Account for 3.7% of the US Energy Consumption
The residential sector, including single-family, multifamily, and manufactured housing, accounts for about 21.2% of the US energy consumption, according to the 2020 Energy Information Administration’s (EIA) Annual Energy Review. New homes built since 2000 account for just 3.7% of the total energy consumed in the U.S., according to NAHB’s analysis of the 2015 Residential Energy Consumption Survey (RECS) data from… Read More ›
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Existing Home Sales Reach 14-year High in August
As the housing market continued its rebound from the pandemic, existing home sales, as reported by the National Association of Realtors (NAR), reached its highest level in nearly 14 years in August. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, rose 2.4% to a seasonally adjusted annual rate of 6.00 million in August, the highest level since… Read More ›
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COVID-19 Impacts Apartment and Condominium Absorption Rates
Data from the U.S. Census Bureau’s Survey of Market Absorption (SOMA) show that the absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) fell to 45 percent in the first quarter of 2020 (from 53 percent in the first quarter of 2019) (Figure 1).This is the lowest absorption rate on record for… Read More ›
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Home Values, Owners’ Equity Rise in 2Q20
As the novel coronavirus took hold in the second quarter, households’ market values continued to rise, per second quarter 2020 Federal Reserve Flow of Funds report. In the second quarter, the aggregate value of all household mortgages rose by $80 billion to $10.6 trillion, while the aggregate value of the households’ market values, i.e., that of all owner-occupied real estate… Read More ›
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Time to Build a Single-Family Home in 2019
The 2019 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 8.1 months, which usually includes a little over a month from authorization to start and another 7 months to finish the construction. The average time to build a single-family home has been on an upward trend since 2014… Read More ›