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Builders Build More Homes

Housing starts for the month of September rose 6.5% to an eight year high of 1.206 million units on a seasonally-adjusted annual basis. The increase was all in the multifamily sector, rising 18.3% to 466,000. Single-family starts were virtually unchanged at 740,000. This is the first month total starts passed the 1.2 million mark since October 2007. The trends in… Read More ›

Builders Confidence Grows

The NAHB/Wells Fargo Housing Market Index for October jumped three points from a one-point downwardly revised September. The October level of 64 conforms to levels last seen as the boom began to taper in late 2005. Even with headwinds in the supply chain, builders still report increasing consumer interest in buying a home. Customers are taking advantage of low mortgage… Read More ›

New Single-Family Home Size in 2014: Regional Estimates

According to 2014 Survey of Construction (SOC) data from the Census Bureau and NAHB analysis, the median size of new single-family homes started in 2014 was 2,450 square feet, the second highest measure since 2009. However, quarterly Census data reveal that this trend of increasing new home size flattened as 2014 gave way to 2015. Nonetheless, the post-recession increase in single-family home… Read More ›

Consumer Credit (from both Traditional and Non-traditional Sources) Expands

The Federal Reserve Board recently reported that consumer credit outstanding rose by a seasonally adjusted annual rate of 5.6%, $192.2 billion, in August 2015, slower than the 6.6% rate of growth recorded in July and the 9.6% growth rate in June. Consumer credit outstanding is now at $3.470 trillion. The expansion of total consumer credit outstanding partly reflected an increase in… Read More ›

Membership and Housing Starts

Home building is coming back even if it is a slow return. The collapse was severe; likely equal to the 1930s if we had the same detailed data then that we do now. Both single-family and multifamily construction dropped rapidly during the period 2006 to 2009 but multifamily rebounded quicker and stronger and by 2014 outperform any recent year. Single-family… Read More ›

Americans Spent $150 billion on Home Improvements & Repairs in 2013

If one wanted to understand the characteristics of the housing stock in the US, including its size, composition, physical conditions, home improvements, characteristics of recent movers, and housing costs, the American Housing Survey (AHS) would be the place to go. The AHS is conducted every other year by the Census Bureau and sponsored by the Department of Housing and Urban… Read More ›

New Home Sales Continue Rise

Builders continue the modest rise in new home sales as reported by HUD and the Census Bureau. August new home sales, annualized and adjusted for seasonality, increased to 552,000. The August level was up 5.7% from an upwardly revised July and represents the highest level since February 2008. The steady, albeit modest, progression of new home sales reflects the steady… Read More ›

Residential Mortgages: Who Borrows What?

The Financial Accounts of the United States shows continued improvement in the aggregate home equity position of U.S. households. Household holdings of real estate, measured on a not seasonally adjusted basis, totaled $21.540 trillion in the second quarter of 2015, $1.366 trillion higher than its level, $20.174.4 trillion, in the second quarter of 2014. At the same time, home mortgage debt outstanding,… Read More ›

Where is Construction Employment Growing Fastest?

Regional data from the Bureau of Labor Statistics (BLS) reveal that states in the West and Southeast are experiencing relatively faster growth rates for construction employment. The amount of housing supplied through home building depends on both supply and demand considerations. Housing demand supports rental and owner-occupied demand. On the other side of the marketplace, housing supply is dependent, in… Read More ›

Builders Gain Confidence

The NAHB/Wells Fargo Housing Market Index for September increased one point to 62, the highest level in 10 years. Two of the three components also increased; the present sales indicator rose one point to 67 and the traffic indicator increased two points to 47. The indicator of future sales declined two points to 68 but from a two-month sustained level… Read More ›