Eye On Housing
Author Archives
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What Homes Do Millennials Buy?
New NAHB research shows that millennials tend to buy homes that are smaller, older, and less expensive than homes bought by older generations. Being the youngest home buyers with little or no accumulated wealth also affects how millennials shop and buy their homes. The majority of millennials are buying homes for the first time in their lives. Three out of… Read More ›
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Regional Differences in New Home Financing
According to NAHB analysis of the 2013 Census Bureau Survey of Construction (SOC) data, use of non-conventional financing methods to purchase new homes varies widely across the country. The West South Central divison is most heavily reliant on mortages insured by the Federal Housing Administration (FHA) with the share of FHA-insured loans reaching almost 20 percent. At the same time,… Read More ›
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Where are Homes Built on Private Wells and with Individual Septic Systems?
According to NAHB analysis of the Survey of Construction (SOC) data, only 8 percent of new single-family homes started in 2013 are served by individual wells and only 15 percent have private septic systems. These shares, however, vary widely across the nine Census divisions and reach 42 and 51 percent, respectively, in New England. The SOC which is conducted by… Read More ›
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Where are Nation’s Largest and Most Expensive Lots?
According to data from the Census Bureau’s Survey of Construction (SOC), single-family homes started in New England, where local zoning regulations often require very low densities, are built on some of the largest and most expensive lots in the nation. Looking at single-family spec homes started in 2013, the median lot size in New England exceeds half an acre. This… Read More ›
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What Foundations are Built Across the Nation?
NAHB analysis of the Survey of Construction (SOC) data shows that nationally, about 30 percent of new single-family homes started in 2013 have a full or partial basement, 54 percent are built on slabs, and 15 percent have a crawl space. The remaining share, including homes built on stilts or pilings, accounted for about 1 percent of homes started in… Read More ›
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Where is the Custom Home Market Share Highest?
New NAHB research reveals significant regional differences in the share of custom homes started in 2013. The analysis finds that the Northeast and East North Central parts of the nation have the highest market shares. The new findings come from analysis of the 2013 Census Bureau’s Survey of Construction (SOC). The SOC differentiates between houses built for sale, houses built… Read More ›
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Where are Sale and Contract Prices per Square Foot Highest?
Looking at single-family homes started in 2013, new NAHB research quantifies regional differences in sale and contract prices per square foot. The prices excluding lot values range from $145 per square foot for contractor-built homes in the Pacific division to $73 per square foot for speculatively-built homes in the West South Central division. The NAHB analysis is based on the… Read More ›
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Affordability Pyramid Shows Housing Market is Bottom Heavy
With the release of the 2014 Priced Out estimates, NAHB Economics revised its affordability pyramid that translates U.S. household income data into a distribution of homes that households can afford by price range. At the base of the market for housing is a large number of households with relatively modest incomes. The homes that these households can afford are also relatively… Read More ›
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NAHB Releases New “Priced Out” Numbers
NAHB Economics recently released its 2014 Priced Out Estimates showing that, nationally, a $1,000 increase in the median new home price (triggered, for example, by additional regulation) prices 206,269 households out of the market for the home. This means that 206,269 U.S. households could qualify for a mortgage on the median-priced new home before, but not after, the price increase…. Read More ›
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New Home Prices by Metro Area and State
In response to frequent requests from its members, NAHB Economics recently released its estimates of new single-family home prices by state and metro area. The most expensive new single family homes are built and sold in three Northeastern states: Connecticut, Massachusetts and New York – with their respective median new single-family home prices of $491,425, $432,724 and $411,169. District of… Read More ›