Tag Archive for ‘economics’

New Home Sales Surge in July

New single-family home sales surged in July, as housing demand was supported by low interest rates, a renewed consumer focus on the importance of housing, and rising demand in lower-density markets like suburbs and exurbs. Census and HUD estimated new home sales in July at a 901,000 seasonally adjusted annual pace, an approximate 14% gain over June and the strongest… Read More ›

New York Led with Employment Gains in July

Nonfarm payroll employment increased in 47 states and the District of Columbia, in July compared to the previous month. The largest increase came from New York, which added 176,600 jobs during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 1.8 million over the month of July, following an increase of 4.8 million… Read More ›

Single-Family Built-for-Rent Construction Down in 2Q20

The number of single-family homes built-for-rent (SFBFR) posted a small year-over-year decline for the second quarter of 2020. The SFBFR market has received attention as a means to add single-family inventory amid concerns over housing affordability and downpayment requirements in the for-sale market, particularly during a period of double-digit unemployment and weak wage growth. Single-family built-for-rent construction does differ in… Read More ›

Townhouse Construction Weakness Continues

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction declined during a challenging second quarter. The sector was also relatively weaker than the overall building market. As housing demand has shifted to more suburban and exurban areas, and housing affordability headwinds persist, medium-density construction has lagged. During the second quarter… Read More ›

New Single-Family Home Size Leveling Off?

New single-family home size trended lower during the second quarter 2020 at the beginning of what we are forecasting will be a pivot to larger home size over the next two years. According to second quarter 2020 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area ticked down to… Read More ›

Custom Home Building Outperformed the Market During 2Q20

NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates custom home building performed better than the overall building market during the challenging second quarter of 2020. This relative outperformance is at odds with the conventional narrative that spec home building saw outsized gains during the April to June time period. There were 45,000… Read More ›

Housing Starts Gain Ground in July

Single-family housing permits and starts expanded in July as housing demand and construction remains a bright spot for the overall economy. Demand is being supported by low interest rates and a renewed focus on the importance of home amid the virus crisis. Single-family starts in July were estimated by Census/HUD at a 940,000 seasonally adjusted annual rate, after a revised… Read More ›

Again, Credit for Builders Tightens While Rates Decline

Builders and developers responding to NAHB’s survey on financing for Acquisition, Development and Construction (AD&C) indicated that credit continued to become tighter in the second quarter of 2020.  The net tightening index derived from the survey came in at 12.0, after reaching an 8 1/2-year high of 22.7 in the first quarter. The index is constructed so that positive  numbers… Read More ›