Eye On Housing
Job Market Slowed in November
After a big job gain last month, hiring slowed in November. Total employment increased by 155,000 and the unemployment rate remained unchanged at 3.7%. Residential construction employment increased by 7,900 in November. The industry has added 205,000 jobs since 2017. According to the Employment Situation for November released by the Bureau of Labor Statistics (BLS), total nonfarm payroll employment rose… Read More ›
Recent Posts
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Nation’s Stock of Second Homes
According to NAHB estimates, the total count of second homes was 7.4 million, accounting for 5.6% of the total housing stock in 2016. This analysis focuses on the number and location of second homes qualified for the home mortgage interest deduction using the Census Bureau’s 2016 American Community Survey (ACS). As of 2016, the state with the largest stock of… Read More ›
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Active Home Buyers are Spending Significant Amounts of Time Looking for the Right Home
In the third quarter of 2018, 13% of adults in NAHB’s Housing Trends Report* poll report planning to purchase a home in the next 12 months. Of that group, 46 percent are not merely planning it, they are already actively engaged in the search for the right home to buy. And they are spending significant amounts of time looking. In… Read More ›
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Most Homes For-Sale are Unaffordable to Most People
Affordability continues to be a serious constraint for prospective home buyers. One way to find out buyers’ perception about this issue is to ask them to estimate the share of all homes for-sale in their markets they are able to afford. A strong majority of 79% say they can afford fewer than half of the homes available. This in turn… Read More ›
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Continued Residential Construction Loan Growth
The volume of residential construction loans increased by 2.8% during the third quarter of 2018, marking 22 consecutive quarters of growth. Furthermore, recent stabilization of year-over-year growth rates is an indicator of continued, modest growth for single-family construction. Tight availability of acquisition, development and construction (AD&C) loans has been a limiting or cost factor for home building growth, but easing credit conditions and a growing loan base have… Read More ›
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30-Year Mortgage Rate At The Highest Level In Nearly Eight Years
Information compiled by Freddie Mac shows that mortgage rates are continuing to increase after a slight slowdown in the summer months. The 30-year FRM – Commitment rate, inched up considerably by 20 basis points to 4.83 percent from 4.63 percent in September. The October increase of the 30-year FRM – Commitment rate, is the highest level since the beginning of… Read More ›
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Multifamily Construction Remains a Built-for-Rent Market
An elevated rental share of multifamily construction is holding typical apartment size below levels seen during the pre-Great Recession period. As multifamily developers build more for-sale housing units in the years ahead, the average size of multifamily homes is likely to rise. According to third quarter 2018 data, the average per unit square footage of multifamily housing construction starts was 1,125, off from the… Read More ›
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Gains for Single-Family Built-for-Rent Construction
The number of single-family homes built-for-rent increased over the last four quarters. During this time period, construction starts of this type of housing totaled 43,000 homes, compared to 33,000 for the prior four quarters. There were 12,000 single-family built-for-rent starts for the third quarter of 2018. According to data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design and NAHB… Read More ›
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Housing Affordability Causes Ongoing Weakness for Home Sales
Contracts for new, single-family home sales declined in October, falling 8.9% to a 544,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. The decline came off an upwardly revised September estimate, which was increased from an initial reading of 553,000 to a new estimate of 597,000. The October estimate was the lowest annual pace since… Read More ›
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Some Easing of AD&C Lending, According to Builders and Developers
In the third quarter of 2018, credit conditions eased somewhat, according to the builders and developers responding to NAHB’s survey on land acquisition, development, and construction (AD&C) loans. The net tightening index constructed from the NAHB survey was -12.0 in the third quarter quarter, compared to -5.0 the previous quarter. The index is constructed so negative numbers indicate easing of credit; positive tightening, so… Read More ›