Tag Archive for ‘home building’

October New Home Sales

New home sales posted a slight gain in October after downward revisions for prior months, according to data released by the Census Bureau and HUD. Sales of new single-family homes were up 0.7% over a downwardly revised pace for September. The October seasonally adjusted annual sales rate came in at 458,000.  This is 1.8% higher than the October 2013 sales… Read More ›

Pending Sales Trend Down

Although pending home sales decreased 1.1% in October, the index was up from the previous year. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), decreased to 104.1 in October, down from an upwardly revised 105.3 in September. The October index was up 2.2% from the same month… Read More ›

Interest Rates Remain Stable on New Home Loans

Earlier today, the Federal Housing Finance Agency (FHFA) reported a 5 basis point increase in mortgage interest rates for the month of October.  However, the increase was due entirely to loans on existing homes.  The effective interest rate on conventional loans used to purchase newly built homes, meanwhile, remained unchanged. In fact, the average contract rate on the new home loans actually inched… Read More ›

Townhouse Market Growing

Total townhouse construction was up on a year-over-year basis during the third quarter of 2014. According to NAHB analysis of Census data of Starts and Completions by Purpose and Design, single-family attached starts totaled 20,000 for the quarter, 17% higher than a year prior. Over the last four quarters, townhouse construction starts totaled 70,000, up slightly from 69,000 from the four quarters prior… Read More ›

Single-Family Built-for-Rent Market Share Closer to Historical Levels

Single-family starts built-for-rent held steady at 6,000 starts for the third quarter of 2014. While the market share of built-for-rent single-family homes remains somewhat elevated, the share and count of starts are off post-recession highs and will approach historical norms as the housing market continues to recover. According to data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design and NAHB analysis,… Read More ›

Multifamily Market Sentiment Off Recent Peak

NAHB’s Multifamily Production Index (MPI) reached 54 in the third quarter, four points below the previous quarter’s reading. This is the 11th consecutive quarter with a reading of 50 or above. The MPI measures builder and developer sentiment about current conditions in the apartment and condominium market on a scale of 0 to 100. The index and all of its… Read More ›

Existing Momentum

Existing home sales increased in October for the second consecutive month, and exceeded year-over-year levels for the first time in a year, despite no improvement among first-time buyers. Existing home sales increased 1.5% in October, and were 2.5% above the same period a year ago. The National Association of Realtors (NAR) reported October 2014 total existing home sales at a… Read More ›

Multifamily Built-for-Rent Share Remains High

An elevated market share for rental multifamily homes is holding typical new apartment size below levels seen during the housing boom. 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 general rise in the size… Read More ›

Single-Family Home Size Leveling Off as Market Recovers

The average size of newly built single-family homes has declined for two consecutive quarters as the overall housing market recovers. Despite the recent leveling, current new home sizes reflect post-recession increases due to an atypical mix of home buyers. As more first-time buyers return to the market, typical home size will continue to post slight quarterly declines. According to third quarter 2014 data from the Census Quarterly Starts and… Read More ›