Eye On Housing
Author Archives
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Jump for New Home Sales in September
Contracts for new home sales expanded by 18.9% in September to a 667,000 seasonally adjusted annual rate, according to estimates from the joint data release of HUD and the Census Bureau. The solid reading in September returns new home sales to the positive growth trend it has been on for several years. This expansion is supported by ongoing job growth and improving household formations, as well as tight existing home inventory. Despite some… Read More ›
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Builder Confidence Rises Four Points in October
Builder confidence in the market for newly-built single-family homes rose four points to a level of 68 in October on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This was the highest reading since May. This current reading shows that home builder sentiment is rebounding from the initial reaction of concern due to hurricanes in Florida and Texas, including the anticipated effects of… Read More ›
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Construction Job Openings Reach New Cycle High
The count of unfilled jobs in the construction sector continued to rise in August, reaching the highest level since February 2007. Given the significant need for repair and restoration work in the wake of Hurricanes Harvey and Irma, we can expect additional increases in the months ahead. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number… Read More ›
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New Home Sales Fall in August
Contracts for new single-family home sales declined 3.4% in August to a 560,000 seasonally adjusted annual rate, according to estimates from the joint data release of HUD and the Census Bureau. This was the second month of decline for the pace of new home sales and the weakest rate since December of last year. The three-month moving average of new home sales also weakened to 585,000, the lowest… Read More ›
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Single-Family Starts Post Slight Gain in August
The pace of single-family starts posted a slight gain in August, albeit over downwardly revised estimates of the rate of July construction. Nonetheless, the three-month moving average for single-family starts is at a post-recession high of 849,000 as the gradual recovery in home building continues. Total starts declined almost 1% in August to a 1.180 million seasonally adjusted annual rate, according to the… Read More ›
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Builder Confidence Drops As Hurricanes Add Uncertainty
Builder confidence in the market for newly-built single-family homes fell three points to a level of 64 in September from a downwardly revised August reading of 67 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The recent hurricanes have intensified our members’ concerns about the availability of labor and the cost of building materials. Despite this… Read More ›
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Construction Job Openings Rise During Summer
The count of unfilled jobs in the construction sector continued to rise in July, following an increase in June and a soft month in May. Given the significant need for repair and restoration work in the wake of Hurricanes Harvey and Irma, we can expect additional increases in the months ahead. NAHB, for example, estimates a need for an additional 10,000 to 20,000 construction… Read More ›
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Modest Expansion for Residential Construction Loans
The volume of residential construction loans increased by 1.2% during the second quarter of 2017, marking 17 consecutive quarters of growth. However, the growth rate for lending since the end of 2016 has slowed. 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 base have helped expand residential construction activity in a thin inventory environment. According… Read More ›
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Is the Multifamily Built-for-Rent Market Share Falling?
After reaching a share of 95% of all multifamily starts at the start of 2017, the market share of rental multifamily starts declined in the second quarter to 91%, according to NAHB analysis of Census data. In contrast, the historical low share of 47% was set during the third quarter of 2005, during the condo building boom. And an average… Read More ›
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Slowdown for Single-Family Built-for-Rent Construction
The number of single-family homes built-for-rent appears to be slowing. Over the last four quarters, total production of this type of housing was 28,000 homes, compared to 35,000 during the four quarters prior. The slowing of this market, along with its relative small size, stands in contrast to public discussion concerning the overall size of the single-family rental market. According to… Read More ›