Eye On Housing
Author Archives
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Flat Conditions 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 was effectively flat over recent quarters. There were 29,000 total custom starts for the first quarter of 2019. This was down slightly compared to the first quarter of 2018 (31,000). Over the last four quarters, custom housing starts totaled 170,000. This was… Read More ›
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Declines for Single-Family Built-for-Rent Construction
The number of single-family homes built-for-rent declined at the start of 2019. According to data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were 5,000 single-family built-for-rent starts for the first quarter of 2019. This is lower than the 6,000 estimated for the start of 2018. Over the last four quarters, 42,000 such homes began construction…. Read More ›
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Townhouse Construction Slows at Start of 2019
According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction slowed during the first quarter of 2019 after a strong 2018 performance. Nonetheless, townhouse construction is set for further expansion given the demographics of renters entering the for-sale market, as well as ongoing land constraints and the growth of demand for… Read More ›
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Starts Gain Ground But Permit Weakness Continues
According to estimates from the U.S. Housing and Urban Development and Commerce Department, single-family and multifamily starts improved in April, consistent with the recent stabilization of the NAHB/Wells Fargo Housing Market Index (HMI). Single-family starts increased 6.2% to an 854,000 seasonally adjusted annual pace in April. Total multifamily starts increased 4.7% to a 381,000 annualized rate. On a year-to-date basis,… Read More ›
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Builder Confidence Posts Solid Gain in May
Builder confidence in the market for newly-built single-family homes rose three points to 66 in May, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builder sentiment is at its highest level since October 2018 after declines in late 2018 due to higher interest rates and concerns over slower growth. Builders are catching up after… Read More ›
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Construction Job Openings Rise in March
Data from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings increased in March, consistent with the ongoing challenge of the availability of labor for builders. The estimated number of job openings in the construction sector increased to 360,000, a post-Great Recession high. Moreover, this marks a significant gain over the 234,000 openings estimated in March… Read More ›
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Federal Reserve: Patience Continues
At the conclusion of its May meeting, the Federal Reserve held the key, short-term federal funds rate steady, with a top rate of 2.5%. The decision was unanimous and widely expected, with members of the Federal Open Market Committee agreeing that while economic growth conditions remain “solid,” inflation pressures remain anchored. In fact, the Fed’s preferred inflation gauge, the core… Read More ›
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Housing Affordability Reducing Housing Share of GDP
With the release of the first estimate of first quarter 2019 GDP growth (3.2% growth rate), housing’s share of gross domestic product (GDP) continued a downward trend, more evidence of the the lack of housing supply caused and affected by ongoing housing affordability issues. Housing’s share of GDP fell to 14.7%. The home building and remodeling component – residential fixed… Read More ›
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New Home Sales Rise in March with Lower Rates
Contracts for new, single-family home sales increased almost 5% on a monthly basis to a 692,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. The months’ supply number improved to 6.0, which indicates the market is stabilizing after the fall off in sales last Fall due to higher interest rates. The… Read More ›
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Housing Construction Weakness Continued in March
According to a estimates from the U.S. Housing and Urban Development and Commerce Department, single-family starts continued to show weakness in March, despite the recent stabilization in the NAHB/Wells Fargo Housing Market Index (HMI). After downward revisions made to the February data, single-family starts were down 0.4% to a 785,000 seasonally adjusted annual pace in March, the lowest such rate… Read More ›