Eye On Housing
Author Archives
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Quarterly Gain for Custom Home Building
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates custom home building expanded during the third quarter of 2019. There were 56,000 total custom building starts during the third quarter of 2019, the highest quarterly total since the Great Recession. This marks a 6% gain over the third quarter 2018 total of 53,000. Over… Read More ›
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New Single-Family Home Size Trending Lower
New single-family home size trended lower during the third quarter of 2019 as interest rates remained low. According to third quarter 2019 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area ticked up to 2,264 square feet. Average (mean) square footage for new single-family homes declined to 2,464 square… Read More ›
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Single-Family Built-for-Rent Market: 3Q19
The number of single-family homes built-for-rent posted a small decline during third quarter of 2019. This market has received recent attention as a means to add single-family inventory amid concerns over housing affordability and downpayment requirements in the for-sale market. Single-family built-for-rent (SFBFR) construction does differ in structure characteristics compared other single-family homes. According to NAHB’s analysis of data from the… Read More ›
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Townhouse Construction Flat in Third Quarter
According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction may be nearing the end of its recent slowdown, showing relatively flat construction conditions for the third quarter. This recent market softness matches data in the NAHB HBGI, which displayed weak construction activity for large metro suburban markets at the start… Read More ›
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Rebound for Single-Family Starts Continues
According to estimates from the U.S. Housing and Urban Development and Commerce Department, single-family starts increased in October, consistent with solid levels for the NAHB/Wells Fargo Housing Market Index (HMI). Thanks to lower mortgage interest rates, the seasonally adjusted annual pace of single-family permits has been rising since April, the rate of single-family starts has been increasing since May, and… Read More ›
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Builder Confidence Holds Firm in November
Builder confidence in the market for newly-built single-family homes edged one point lower to 70 in November, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The past two months mark the highest sentiment levels in 2019. Single-family builders are currently reporting ongoing positive conditions, spurred in part by low mortgage rates and continued job… Read More ›
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Construction Job Openings Continue Year-over-Year Gains
Data from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings increased in September on a year-over-year basis. The estimated number of job openings declined from the August total to 338,000 in September, after reaching a post-Great Recession high of 434,000 in April. The September 2019 count of unfilled jobs represents a year-over-year gain relative to… Read More ›
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Fed Lowers Target Rate for Third Time in 2019
The Federal Reserve reduced the target range for the key, short-term federal funds rate by 25 basis points to a top rate of 1.75% at the conclusion of its October Federal Open Market Committee (FOMC) meeting. This was the third cut in 2019, almost fully reversing a set of increases enacted in 2018. The FOMC views these enacted reductions as… Read More ›
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Housing Share of GDP Rises in 3Q19
After declines for six consecutive quarters, the home building component of gross domestic product (GDP) increased during the third quarter of 2019. This gain was due to the housing rebound that has taken hold since the spring, with the pace of single-family permits rising since April and the rate of single-family starts increasing since May. The overall housing share of… Read More ›
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Total Housing Starts Down on Multifamily, Single-Family Edges Up
According to estimates from the U.S. Housing and Urban Development and Commerce Department, single-family starts edged up in September, consistent with recent gains for the NAHB/Wells Fargo Housing Market Index (HMI). However, the headline measure of total housing starts was down 9.4% for the month due to a large decline in the volatile multifamily sector. Single-family starts increased 0.3% to… Read More ›