Eye On Housing
Author Archives
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Half of US Homes Built before 1980
The median age of owner-occupied homes is 37 years, according to the latest data from the 2016 American Community Survey. Compared to a median age of 31 years in 2005, the U.S. owner-occupied housing stock is aging gradually. This aging trend is primarily because of modest gains in residential construction over the past decade. This aging housing stock signals a… Read More ›
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Private Residential Spending Down in June
NAHB analysis of Census Construction Spending data shows that total private residential construction spending dipped 0.5 percent to a seasonally adjusted annual rate of $568.3 billion in June. Nevertheless, on a quarterly basis, private residential construction spending climbed 4.0 percent in the second quarter, the largest quarterly gain since 2017. Moreover, total private residential construction spending was 8.8 percent higher… Read More ›
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Strong Owner Household Formations in the Second Quarter
According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate was 64.3% in the second quarter 2018. After dropping to a cycle low of 62.9% in the second quarter 2016, the national homeownership rate seems to be on a sustainable upward trend. Compared to the peak of 69.2% in 2004, the homeownership rate is lower by five… Read More ›
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Apartment Construction Times Lengthened in 2017
The average length of time to complete construction of a multifamily building, after obtaining authorization, was 15.7 months according to the 2017 Survey of Construction (SOC) from the Census Bureau. The authorization-to-completion time has been on an upward trend since 2013, increasing by approximately one month each year. The average time to build multifamily homes varies with the number of… Read More ›
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Time Needed to Build a Single-Family Home in 2017
The 2017 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 7.5 months, which usually includes almost a month from authorization to start and another 6.5 months to finish the construction. The average completion time in 2017 was the same as it was in 2016, but it was longer… Read More ›
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Personal Income Increased 0.4% in May
The most recent data release from the Bureau of Economic Analysis (BEA) showed that Personal income climbed 0.4% in May after a 0.2% increase in the prior month. Gains in personal income are largely driven by increases in wages and salaries, 0.3% higher than in April. Real disposable income, income remaining after being adjusted for taxes and inflation, was up… Read More ›
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Private Residential Spending Tumbles in March
NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate of $536.8 billion, down 3.6% in March. This is the biggest monthly decline since April 2009. It follows four months of strong consecutive gains, including the positively revised February growth of 1.2%. On an annual basis, total private residential… Read More ›
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Personal Income Rises 0.3% in March
The most recent data release from the Bureau of Economic Analysis (BEA) showed that Personal income climbed 0.3% in March after increasing by the same margin in prior month. Gains in personal income are largely driven by increases in wages and salaries. This is in line with the report by the National Compensation Survey that wages and salaries for civilian… Read More ›
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Homeownership Rate Stable at 64%
According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate was 64.2% in the first quarter 2018, which is statistically no different from its last quarter reading. The rate of homeownership appears to be on a sustainable upward trend after reaching a cycle low of 62.9% in the second quarter of 2016. Compared to the peak of… Read More ›
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Private Residential Spending Grew in February
NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate of $533.4 billion in February, a gain of 0.1% from the upwardly revised estimate of January. Over the past 12 months, total private residential construction spending was up 5.5%. The monthly gains are largely attributed to the large increase… Read More ›