Eye On Housing
Contracts for new, single-family home sales declined in October, falling 8.9% to a 544,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. The decline came off an upwardly revised September estimate, which was increased from an initial reading of 553,000 to a new estimate of 597,000. The October estimate was the lowest annual pace since… Read More ›
In the third quarter of 2018, credit conditions eased somewhat, according to the builders and developers responding to NAHB’s survey on land acquisition, development, and construction (AD&C) loans. The net tightening index constructed from the NAHB survey was -12.0 in the third quarter quarter, compared to -5.0 the previous quarter. The index is constructed so negative numbers indicate easing of credit; positive tightening, so… Read More ›
Continuing a multiyear trend, new single-family home size decreased during the third quarter of 2018. New home size has been falling over the last three years due to an incremental move to additional entry-level home construction. According to third quarter 2018 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area decreased to 2,320 square… Read More ›
Growing affordability concerns resulted in builder confidence in the market for newly-built single-family homes falling eight points to a level of 60 in November on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Despite the sharp drop, builder sentiment still remains in positive territory. Builders report that they continue to see signs of consumer demand for new… Read More ›
Over the year, total nonfarm employment in October increased by 2.5 million jobs which is a 1.7% increase compared to October 2017. During this time, total nonfarm employment in the Western region increased by 2.3% and in the Southern region by 2.1%. The Midwest recorded the lowest gains at 1.4% during this time. According to the Bureau of Labor Statistics,… Read More ›
The total market share of non-site built single-family homes was 3.3% of single-family completions in 2017, according to Census Bureau Survey of Construction data and NAHB analysis. This share is expected to rise in 2018 and in the years ahead, due to the ongoing labor shortage in the residential construction sector and the need to lift labor productivity amid declining… Read More ›
The count of unfilled jobs in the construction sector pulled back in September, off a upwardly revised August estimate that marked a post-recession high. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs decreased to 278,000 in September. The August estimate of open construction jobs was revised up… Read More ›
In a recent NAHB survey, 65 percent of builders reported that the overall supply of developed lots in their areas was low to very low. This is up only one percent from June 2017, but significantly higher than the 42 percent posted in September 2012. The survey consisted of special questions appended to the instrument for the NAHB/Wells Fargo Housing… Read More ›
According to data from the Census Bureau’s Survey of Construction (SOC), 60.7 percent of all homes started in 2017 were built within a community or homeowner’s association. The Census Bureau defines community or homeowner’s associations as “formal legal entities created to maintain common areas of a development and to enforce private deed restrictions; these organizations are usually created when the… Read More ›
With the release of the first estimate of third quarter 2018 GDP growth (a 3.5% annual growth rate), housing’s share of gross domestic product (GDP) fell slightly to 14.9%. The home building and remodeling component – residential fixed investment – also decreased slightly, falling to 3.25% Housing-related activities contribute to GDP in two basic ways. The first is through residential fixed investment (RFI). RFI is… Read More ›