NAHB analysis of the 2022 American Community Survey data shows that New Jersey leads the nation with the highest average annual real estate tax (RET) bill ($9,285)—$8,425 more than yearly property taxes paid by Alabama’s homeowners ($860). The size of this disparity grew 1.1% in 2022 and has increased 9.3% since 2017. Vermont was the…
NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $132 billion in taxes were paid by property owners in the second quarter of 2023 (not seasonally adjusted).[1] In the four quarters ending Q2 2023, state and local governments collected $727 billion of property tax revenue—a 7.4% increase over Q2 2022….
According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) ticked up 0.1% in August (not seasonally adjusted). Prices have also increased 0.2% over the past 12 months as year-over-year price growth has slowed from 4.9% in January 2023 and 14.7% in August 2022. The…
Consumer credit outstanding growth slowed to 2.5% in July, down from 3.4% in July (SAAR) according to the Federal Reserve’s latest G.19 Consumer Credit report. Revolving credit growth reaccelerated to 9.2% in July, potentially reflecting strong consumer sentiment and job security in a tight—albeit cooling—labor market. In contrast, nonrevolving consumer debt outstanding inched up just…
According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) edged up 0.2% in July (not seasonally adjusted). Building materials price growth has slowed considerably in 2023 with an average monthly increase of 0.2%–down from 0.7% in 2022 and 1.5% in 2021. Not since prior…
Consumer credit outstanding growth slowed to 4.0% in the second quarter 2023 (SAAR) according to the Federal Reserve’s latest G.19 Consumer Credit report, as revolving and nonrevolving debt grew at 7.1% and 3.0%, respectively. Revolving credit growth has decelerated as of late, a result of both cooling inflation and increasingly tight lending standards. Total consumer credit…
