Eye On Housing
Townhouse Construction Flat
According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction starts have slowed relative to the expansion of the overall building market. Over the last four quarters ending with the second quarter of 2017, townhouse starts totaled 94,000, 5% lower than the four quarters prior this past year. Townhouses, or… Read More ›
Recent Posts
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New Single-Family Home Size Trends Lower
After increasing and leveling off in recent years, new single-family home size continued along a general trend of decreasing size during the second quarter of 2017. This change of the last two years marks a reversal of the trend that had been in place as builders focused on the higher end of the market during the recovery. As the entry-level market… Read More ›
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Single-Family Starts Flat in July
The pace of single-family starts was effectively flat in July, after a strong rate was recorded in June. In contrast, the multifamily market continues to slow after multiple strong years. Total starts declined almost 5% in July to a 1.155 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. The headline decline… Read More ›
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Builder Confidence Springs Back with Four-Point August Jump
Builder confidence in the market for newly-built single-family homes rose four points in August to a level of 68 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builder sentiment is being supporting by ongoing job and economic growth, attractive mortgage rates, and growing consumer confidence. The fact that builder confidence has returned to the healthy levels… Read More ›
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Share of Builders Reporting Labor Shortages Rises Again
Labor and subcontractor shortages have become even more widespread in July of 2017 than they were in June of 2016, according to single-family builders responding to special questions on the NAHB/Wells Fargo Housing Market Index (HMI) survey. The July 2017 HMI survey asked builders about shortages in 15 specific occupations that were either recommended by Home Builders Institute (NAHB’s workforce development arm)… Read More ›
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Gypsum Prices Continue to Climb
The prices of gypsum, softwood lumber, and ready-mix concrete increased by 1.4%, 0.6%, and 0.3%, respectively, in July according to the latest Producer Price Index (PPI) release by the Bureau of Labor Statistics. In contrast, the price paid for OSB fell 3.8%, its largest monthly decline since February 2016. Gypsum prices rose 1.4% in July following a 1.3% increase in June. The… Read More ›
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Housing Affordability Inches Lower in Second Quarter
Rising home prices offset a quarter-point drop in mortgage interest rates to move housing affordability slightly lower in the second quarter of 2017, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). In all, 59.4 percent of new and existing homes sold between the beginning of April and end of June were affordable to families… Read More ›
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Home Equity Used to Start Seven Percent of U.S. Businesses
Equity in a home was used as a source of capital to start 284,618 businesses—7.3% of all businesses in the U.S.—according to a new source of data released recently by the U.S. Census Bureau. The new data source is the Annual Survey of Entrepreneurs, (ASE), which collects economic and demographic information on businesses and business ownership in all major U.S…. Read More ›
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Number of Open Construction Jobs Climbs in June
The count of unfilled jobs in the construction sector increasing significantly in June, after falling in May. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) increased to 225,000 in June. The cycle high was 238,000, set in July of last year. The June count is the highest since… Read More ›
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LMI Indicates Continued Improvement Across the Country
According to the NAHB/First American Leading Markets Index (LMI), 89 percent, 299 metropolitan statistical areas, recorded growth in their LMI Score over the second quarter of 2017. The index uses single-family housing permits, employment, and home prices to measure proximity to a normal economic and housing market. The index is calculated for 337 local markets, metropolitan statistical areas (MSAs), as… Read More ›