Eye On Housing
Remodeling Confidence Remains Solid
The Remodeling Market Index (RMI) remained stable with a reading of 58 in the third quarter of 2018, according to the National Association of Home Builders (NAHB). The RMI has been at or above 50 since the second quarter of 2013, which indicates that more remodelers report market activity is higher than report it is lower (Figure 1). The overall… Read More ›
Recent Posts
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Single-Family Starts Flat in September
Total housing starts posted a decline in September due to flat conditions for single-family construction and a pullback for apartment development. Total starts declined 5.3% in September but are 6.4% higher for 2018 on a year-to-date basis, according to the joint data release from the Census Bureau and HUD. The pace of single-family starts was roughly flat in September, decreasing… Read More ›
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Unfilled Construction Sector Jobs Continue to Rise
The count of unfilled jobs in the construction sector increased in August, reaching yet another post-Great Recession high level. The rate of open construction sector jobs also set a cyclical high. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs increased to 298,000 in August. The prior post-recession high… Read More ›
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Builder Confidence Rises One Point in October, Remains at Summer Levels
Builder confidence in the market for newly-built single-family homes rose one point to 68 in October on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builder confidence levels have held in the high 60s since June. Builders continue to view solid housing demand, fueled by a growing economy and a nearly 50-year low for unemployment. Lumber price… Read More ›
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Single-Family Residential Permits Decline in Northeast
Over the first eight months of 2018, the total number of single-family permits issued year-to-date (YTD) nationwide reached 599,117. On a year-over-year basis, this is a 6.6% increase over the August 2017 level of 561,938. The preliminary results from the New Residential Construction Survey are similar, year-to-date single-family permits over the first eight months of 2018 was, 599,200 which is… Read More ›
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Garages in New Homes: 2017 Data
A majority of new homes that completed construction in 2017 included two-car garages, according to NAHB analysis of 2017 Census Bureau Survey of Construction data. There is clear uniformity for parking options in new homes completed across the Census divisions. Except for West North Central division, the 2-car garage was the largest share of the completed homes in all other divisions…. Read More ›
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CPI Growth Slows in September
Headline inflation rose slower in September relative to August, while core inflation was unchanged. The Consumer Price Index (CPI), reported by the Bureau of Labor Statistics (BLS), rose by 0.1% on a seasonally adjusted basis in September, slower than the 0.2% increase in August. The “core” CPI, which excludes the volatile food and energy components, increased by 0.1% in September,… Read More ›
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Lumber, OSB, and Gypsum Prices Fall in September
Residential construction goods input prices reversed course in September, increasing 0.2% after declining each of the prior two months, according to the latest Producer Price Index (PPI) release by the Bureau of Labor Statistics. The index for inputs to residential construction has risen 5.2% in 2018 and is 10.2% higher than it was in January 2017. Gypsum prices also reversed… Read More ›
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Air Conditioning and Heating Systems in New Homes
Air Conditioning Systems The Census Bureau’s Survey of Construction (SOC) provides valuable information on the characteristics of new homes started, such as air conditioning and heating system installations. In 2017, 93.5 percent of new single-family homes started had a central AC system, the same share as in 2016. The trend, going back to 2000, shows a steady rise in the… Read More ›
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New Single-family Home Foundations in 2017
NAHB analysis of the Survey of Construction (SOC) shows that 58.9%t of all new single-family started in 2017 were built on slab foundations, followed by 26.1% with a full/partial basement, and 13.9% with a crawl space. The most common foundation types differ by region and largely depend on the local geography and climate conditions. The foundation types for residential construction… Read More ›