Data rss

Property Tax Revenue Grows Over Four Percent

NAHB analysis of the Census Bureau’s quarterly tax data shows that $524 billion in taxes were paid by property owners over the four quarters ending in Q1 2016. This represents a $22 billion—or 4.4%—increase over the previous trailing four quarters, the largest percentage increase since 2009. Property taxes accounted for 39.3% of state and local tax receipts, the largest share… Read More ›

Consumer Confidence Rose in June

After two consecutive months of decline, the Consumer Confidence Index, reported by the Conference Board, rose in June. The Consumer Confidence Index rose to 98 in June, from 92.4 in May. Both the present situation index and the expectations index increased. The present situation index rose to 118.3 in June, from 113.2 in May, and the expectations index rose to… Read More ›

Pending Sales Pause

The Pending Home Sales Index decreased 3.7% in May, and fell year-over-year for the first time since August 2014. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), decreased to 110.8 in May from a downwardly revised 115.0 in April, and is 0.2% below the same month a… Read More ›

Housing Share of GDP Expands

With the release of the final estimates of first quarter 2016 GDP growth (revised up two-tenths to a 1.1% growth rate), housing’s share of gross domestic product (GDP) ticked up slightly to 15.4%.  The home building and remodeling component – residential fixed investment – as a share of GDP expanded to 3.4%. Housing-related activities contribute to GDP in two basic… Read More ›

Home Prices in April – Rising Moderately

Both FHFA and S&P/Case-Shiller home price indexes rose moderately in April. S&P Dow Jones Indices reported that the Case-Shiller (CS) National Home Price Index rose at a seasonally adjusted annual growth rate of 0.9% in April, slightly faster than the downwardly revised 0.7% in March. The Home Price Index from the Federal Housing Finance Agency (FHFA) slowed to a 2.8%… Read More ›

More Builders Report Labor/Subcontractor Shortages

A survey of single-family builders conducted by NAHB in June 2016 shows that shortages of labor and subcontractors have become more widespread than they were a year ago. The survey consisted of special questions on labor and subcontractor availability that NAHB has periodically added to the instrument for the monthly NAHB/Well Fargo Housing Market Index.  The questions have covered 9… Read More ›

Brexit and U.S. Housing: Possible Impacts

The most important economic news of last week concerned the United Kingdom referendum, which supported a departure of the U.K. from the European Union (Brexit). This political action has caused stock market declines and a fair amount of concern about the health of the global economy. How does housing and home building fit into this set of impacts? I think it… Read More ›

The Impact of Negative Rates on Housing Markets in the Euro Area

According to information compiled by the European Mortgage Federation, the total amount of mortgage debt outstanding across the 19 countries in the Euro Area, those that have adopted the common euro currency, reached €4.46 trillion in 2014, an increase of €30 billion, 0.7%, from its level in 2013, €4.43 trillion. Despite a financial crisis that was global in impact, total… Read More ›

Residential Building Construction Wages are on the Rise

Rising job openings and employment in residential building construction industry pushed wages significantly higher after the Great Recession, with some states experiencing wage growth exceeding three times the national average from 2010 to 2015. The preliminary Quarterly Census of Employment and Wages (QCEW) data from the Bureau of Labor Statistics show that the average annual pay for residential building construction… Read More ›