Tag Archive for ‘economics’

New Home Sales Heat Up in July

July new home sales recorded the strongest monthly pace since October 2007, growing to a 654,000 seasonally adjusted annual rate. According to estimates from the Census Bureau and Department of Housing and Urban Development, the elevated July rate marked a 12.4% gain over downwardly revised, but still strong, estimates for June. On a year-to-date basis, new home sales have improved… Read More ›

New Multifamily Rental Share Remains Strong

An elevated market share for new rental multifamily homes is holding typical apartment size below levels seen during the pre-recession period. However, as multifamily developers build more for-sale housing units in the years ahead, the average size of multifamily homes is likely to rise. The recent pattern of change in the size of new multifamily units stands in contrast to the post-recession increase in the size… Read More ›

Jump in Single-Family Built-for-Rent Construction

The number of single-family homes built-for-rent has posted solid gains over the last year. However, the built-for-rent market is a small portion of the total single-family development, so care must be taken when identifying trends. According to data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design and NAHB analysis, the market share of single-family homes built-for-rent, as measured on a… Read More ›

Custom Home Building Steady

NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates that the number of custom home building starts (homes built on an owner’s land, with either the owner or a builder acting as the general contractor) posted a slight increase on a year-over year basis as of the second quarter of 2016. There were 47,000 total custom… Read More ›

New Single-Family Home Size Declining

After increasing and leveling off in recent years, new single-family home size declined during the second quarter of 2016. This change marks a reversal of the trend that had been in place as builders focused on the higher end of the market during the recovery. As the entry-level market expands, including growth for townhouses, typical new home size is expected to… Read More ›

Townhouse Construction Market Expansion

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction starts continued to outpace the rest of the single-family market during the second quarter of 2016. Over the last four quarters ending with the second quarter of 2016, townhouse starts totaled 98,000, a more than 25% gain over prior year total…. Read More ›

Multifamily Strength in July

The July pace of total housing starts increased 2.1% over the June rate, led by strength in the multifamily sector. However, year-to-date measures continue to be consistent with the NAHB forecast of growth for single-family construction this year, as well as a slight dip for apartment development compared to 2015 levels. According to estimates from the Census Bureau and the Department… Read More ›

Builder Confidence Rises in August

Builder confidence in the market for newly constructed single-family homes in August rose two points to 60 from a downwardly revised reading of 58 in July on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builder confidence remains solid in the aftermath of weak GDP reports that were offset by positive job growth in July. Historically low mortgage rates,… Read More ›

Job Openings Rise in Construction

The count of unfilled jobs in the overall construction sector rose in June after setting a post-Great Recession high in March. However, the rate of jobs being added to the residential construction sector has slowed noticeably over the last few months suggesting ongoing labor access issues. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a… Read More ›

Consumer Credit Grows

The Federal Reserve Board reported that consumer credit outstanding grew by a seasonally adjusted annual rate of 4.1% over the month of June 2016, 1.9 percentage points slower than its growth rate in May. Over the second quarter of 2016, consumer credit outstanding expanded by 5.3%, 0.5 percentage points less than the 5.8% rate of growth in the first quarter of 2016…. Read More ›