Eye On Housing
Author Archives
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Updated Snapshot of Local HBA Economics and Housing Statistics
NAHB recently updated the online tool that provides economic and housing market statistics for all local Home Builder Associations (HBAs). It covers twelve key economic and demographic statistics at three different levels, which allows local HBAs to easily compare local housing markets to other associations, state and/or national figures. Note that this unique data is organized according to HBA jurisdictional… Read More ›
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Multifamily Construction Spending Hits New Record High
NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $536.7 billion in December. It was down 1.4% for the month after a 3.4% increase in November. Total private residential spending was 3.3% higher in 2018 relative to 2017. Multifamily construction spending hit a new record high,… Read More ›
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Strong Owner Household Formations in 2018
According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate increased in the last quarter of 2018 and now stands at 64.8%. The national homeownership rate is on a sustainable upward trend, after dropping to a cycle low of 62.9% in the second quarter 2016. Compared to the peak of 69.2% by the end of 2004, the… Read More ›
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Multifamily Construction Spending Reaches Record High in November
NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $542.5 billion in November. It was up 3.5% this month after three consecutive monthly decreases. Total private residential construction spending was 0.8% higher than a year ago. The monthly gain is largely attributed to the steady growth… Read More ›
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NAHB 2019 “Priced Out” Estimates
NAHB recently updated its priced out estimates for 2019. The new estimates show that, if the median U.S. new home price goes up by $1,000, 127,560 households would be priced out of the housing market nationwide. In other words, based on their incomes, 127,560 households would be able to qualify for a mortgage to purchase the home before the price… Read More ›
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Consumer Spending Up, Saving Rate Down
The most recent data release from the Bureau of Economic Analysis shows that personal consumption expenditures increased 0.4% in November after a 0.8% gain in October. It is the ninth consecutive increase since March 2018. Adjusted for inflation, real personal spending was up by 0.3%. On a year-over-year comparison, real personal spending increased 2.8% in November. Personal income climbed 0.2%… Read More ›
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Nation’s Stock of Second Homes
According to NAHB estimates, the total count of second homes was 7.4 million, accounting for 5.6% of the total housing stock in 2016. This analysis focuses on the number and location of second homes qualified for the home mortgage interest deduction using the Census Bureau’s 2016 American Community Survey (ACS). As of 2016, the state with the largest stock of… Read More ›
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Private Residential Spending Edges Up in September
NAHB analysis of Census Construction Spending data shows that total private residential construction spending inched up 0.6 percent in September, after a dip of 0.4 percent in August. On a quarterly basis, private residential construction spending climbed 0.9 percent in the third quarter. Private residential construction spending increased in September, despite the decline of the total housing starts amidst the… Read More ›
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Millennial Homeownership Rate Rises to 37%
According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate was 64.4% in the third quarter of 2018, which is not statistically different from its last quarter reading. The national homeownership rate demonstrated stability during a quarter in which housing markets softened due to declining affordability conditions. This follows the rate dropping to a cycle low of… 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 ›