Eye On Housing
Author Archives
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Single-Family Starts Bounce Back in June
Total housing starts bounced back in June after a weak May. Total starts increased 8.3% to a 1.215 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. Monthly increases were recorded for both single-family and multifamily development. Single-family starts moved forward, increasing to an 849,000 annual rate in June. The February annualized… Read More ›
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Open Construction Jobs Fall in May
The count of unfilled jobs in the construction sector declined in May, falling to level below that recorded a year ago. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) stood at 154,000 in May. The cycle high was 238,000, set in July of last year. The open position rate… Read More ›
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May Gains for New Home Sales
Contracts for new home sales expanded by 2.9% in May to a 610,000 seasonally adjusted annual rate, according to estimates from the joint data release of HUD and the Census Bureau. The report also noted a strong upward revision for the April rate of sales, increasing from a 569,000 annual pace to 593,000. The growth in sales continues along a positive trend for the… Read More ›
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Housing Starts Decline in May
Total housing starts declined in May after a few, strong early months to begin 2017. Total starts were down 5.5%, falling to a 1.092 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. Declines were recorded for both single-family and multifamily development. Single-family starts fell back, declining to a 794,000 annual rate. The February… Read More ›
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Builder Confidence Remains Solid in June
Builder confidence in the market for newly-built single-family homes weakened slightly in June, down two points to a level of 67 from a downwardly revised May reading of 69 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builder confidence levels have remained consistently sound this year, reflecting the ongoing gradual recovery of the housing market. As… Read More ›
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Fed Raises Rates, Announces Balance Sheet Reduction Plan
The Federal Reserve’s monetary policy committee announced two moves today with implications for housing. Neither represented a surprise for markets. First, the Federal Open Market Committee (FOMC) announced the second rate increase for the short-term federal funds rate for 2017, raising the target rate to a 1% to 1.25% range. While the Fed continues to raise short-term rates, the current stance of… Read More ›
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Construction Job Openings Jump in April
The count of unfilled jobs in the construction sector climbed in April, rising to the highest level since September of last year. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) stood at 203,000 in April. The cycle high was 238,000, set in July of last year. The open position rate (job… Read More ›
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Slower Growth for AD&C Loans
The volume of residential construction loans increased by 1.6% during the first quarter of 2017, marking 16 consecutive quarters of growth. However, the growth rate for lending during the fourth quarter of 2016 and the start of 2017 were the slowest since early 2013. Tight availability of acquisition, development and construction (AD&C) loans has been a limiting factor for home building growth, but easing credit conditions and a growing loan… Read More ›
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Decline for April Sales Masks 2017 Gains
Contracts for new single-family home sales fell more than expected in April, declining 11.4% to a 569,000 seasonally adjusted annual rate according to estimates from the joint data release of HUD and the Census Bureau. The decline occurred after solid, positive revisions for new home sales for the first three months of the year. All told, total new home sales for 2017 stand at 210,000, a 11.3%… Read More ›
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Multifamily Built-for-Rent Share Remains Elevated
An elevated market share for new rental multifamily homes is holding typical apartment size below levels seen during the pre-recession period. However, as multifamily developers build more for-sale housing units in the years ahead, the average size of multifamily homes is likely to rise. The recent pattern of change in the size of new multifamily units stands in contrast to the post-recession increase in the size… Read More ›