Eye On Housing
Townhouse Construction Continues Strong Performance
According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction posted continued to outperform other building sectors during the third quarter of 2018. Townhouse construction is set for further expansion given the demographics of renters entering the for-sale market, as well as ongoing land constraints and the growth of demand for… Read More ›
Recent Posts
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Single-Family Starts Stable in October as Caution Grows
Total housing starts posted a 1.5 percent increase in October (1.23 million units) compared to a revised September estimate of 1.21 million units. However, total starts are 2.9 percent below lower than October 2017. Despite the recent market softness, 2018 is still shaping up to be the best year since the recession. Total housing starts are 5.6 percent higher for… Read More ›
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Multifamily Market Confidence Weakens in Third Quarter
Confidence in the multifamily housing market weakened in the third quarter, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices: the Multifamily Production Index (MPI) and the Multifamily Vacancy Index (MVI). The MPI, which measures builder and developer sentiment about current production conditions in… Read More ›
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Builder Confidence Drops as Housing Affordability Issues Rise
Growing affordability concerns resulted in builder confidence in the market for newly-built single-family homes falling eight points to a level of 60 in November on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Despite the sharp drop, builder sentiment still remains in positive territory. Builders report that they continue to see signs of consumer demand for new… Read More ›
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West Leads in Job Gains in October
Over the year, total nonfarm employment in October increased by 2.5 million jobs which is a 1.7% increase compared to October 2017. During this time, total nonfarm employment in the Western region increased by 2.3% and in the Southern region by 2.1%. The Midwest recorded the lowest gains at 1.4% during this time. According to the Bureau of Labor Statistics,… Read More ›
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Single-Family Permits: Declines in the Midwest and Northeast
Over the first nine months of 2018, the total number of single-family permits issued year-to-date (YTD) nationwide reached 664,665. On a year-over-year basis, this is a 5.7% increase over the September 2017 level of 628,858. The preliminary results from the New Residential Construction Survey are similar, year-to-date single-family permits over the first nine months of 2018 was, 663,800 which is… Read More ›
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Most Buyers Don’t Expect House Hunting to Get Easier Soon
Only about 2 out of every 10 prospective home buyers (people looking to buy a home in the next year) expect the search for a home to get easier in the months ahead. The majority, about 7 out of 10, instead think house hunting will get harder or stay about the same. This opinion is shared among buyers of all… Read More ›
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Energy Prices Pushed CPI Higher in October
The CPI accelerated over the month of October reflecting an increases in energy prices and the “core” CPI. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.3% on a seasonally adjusted basis in October, faster than the 0.1% increase in September. It was the fastest monthly growth rate in the past nine months…. Read More ›
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Modular and Other Non-Site Built Housing
The total market share of non-site built single-family homes was 3.3% of single-family completions in 2017, according to Census Bureau Survey of Construction data and NAHB analysis. This share is expected to rise in 2018 and in the years ahead, due to the ongoing labor shortage in the residential construction sector and the need to lift labor productivity amid declining… Read More ›
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Only 13% of Adults Plan to Buy a House in Next 12 Months
According to the Housing Trends Report (HTR)* for the third quarter of 2018, only 13% of adults are planning to purchase a home in the next 12 months. Most of these prospective buyers (58%) report this is the first time in their lives they would be buying a home. Planning to Buy a Home in Next 12 Months: Prospective Home Buyers… Read More ›