Tag Archive for ‘economics’

New Home Sales Grow in November

Sales of newly-built, single-family homes grew 5.2% on a monthly basis in November to a 592,000 seasonally adjusted annual rate according to estimates from the Census Bureau and HUD. The growth in November is consistent with rising home builder confidence and an expectation of sales growth in 2017. The November rate was the second highest sales pace since the end of the… Read More ›

Existing Sales Year-End Sprint

Existing home sales, as reported by the National Association of Realtors (NAR), increased 0.7% in November for a third consecutive monthly increase, and reached the highest pace since February 2007. November sales were up 15.4% from the same month a year ago. Total existing home sales in November increased to a seasonally adjusted rate of 5.61 million units combined for… Read More ›

Housing Starts Fall in November

Housing starts posted a notable drop in November after a strong October pace. Total starts were down 18.7%, falling to a 1.09 million seasonally adjusted annual rate after a 1.34 million rate in October. However, the decline was concentrated in the volatile multifamily sector. The single-family sector continues to show anon improving trend, consistent with rising home builder confidence. According… Read More ›

NAHB Economics Presentations at IBS

The 2017 NAHB International Builders Show opens in Orlando Florida on Tuesday, January 10 at the Orange County Convention Center. NAHB’s Economics and Housing Policy staff will offer analyses of what to expect in 2017 for all sectors of the housing market. A sample of sessions, including locations, is offered below.   The 2017 Housing & Economic Outlook January 10… Read More ›

Builder Confidence Closes Year on a High Note

Builder confidence in the market for newly-built single-family homes jumped seven points to a level of 70 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This is the highest reading since July 2005. The increase in market confidence follows the November election results, increasing hopes among home builders and other stakeholders in the residential construction industry that… Read More ›

Growth in Homeowners’ Equity Continues

According to the Federal Reserve Board’s third quarter of 2016 release of its Financial Accounts of the United States report, household holdings of real estate, measured on a not seasonally adjusted basis, totaled $22.725 trillion in the third quarter of 2016, $1.520 trillion higher than its level in the third quarter of 2015, $21.204 trillion. At the same time, home mortgage… Read More ›

Non-Mortgage Credit Growth Continues

The Federal Reserve Board reported that consumer credit outstanding continues to grow. However, at a seasonally adjusted annual rate of 5.2 percent over the month of October 2016, growth in consumer credit was 1.9 percentage points slower than its rate, 7.1 percent, in September. There is now $3.73 trillion in outstanding consumer credit. Revolving credit has also contributed to the over consumer credit… Read More ›

NAHB Releases the 2016 “Priced Out” Estimates

NAHB Economics recently released its 2016 “Priced Out” Estimates showing that, nationally, a $1,000 increase in the median new home price (triggered, for example, by additional regulation) will leave 152,903 households priced out of the market. This means that 152,903 U.S. households could qualify for a mortgage on the median-priced new home before, but not after, the price increases. The… Read More ›

Residential Construction Employment Grew in November

The count of unfilled jobs in the overall construction sector remained elevated in October, as residential construction employment continued to grow. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) came in at 205,000 in October, after reaching 221,000 in September. The cycle high was 225,000 set in July. The… Read More ›

Rates Steady in October as Increases Expected

Nationally, the contract interest rate on conventional mortgages for home purchase held steady in October 2016. Over the month, the rate on conventional mortgages for home purchase was unchanged at 3.60%, according to data released by the Federal Housing Finance Agency (FHFA). Rates on the purchase of previously occupied homes ticked up 1 basis point to 3.62% while rates on new homes… Read More ›