Tag Archive for ‘home building’

Builders Believe

Builders’ sentiment jumped four points to 59, the highest level since November 2005, according to the September NAHB/Wells Fargo Housing Market Index. Many of the builders commented on the renewed interest by potential home buyers and higher traffic in their models and through their phone calls. Supporting those comments, all three components rose led by the traffic measure increasing to… Read More ›

Consumer Credit Grows

Data released by the Federal Reserve Board indicates that consumer credit outstanding expanded over the month of July. On a seasonally adjusted annual rate basis, total consumer credit, which excludes housing related credit such as mortgages and home equity lines of credit, rose by 10%, $312 billion, over the month. Non-revolving credit outstanding, largely composed of auto loans and student… Read More ›

Unfilled Construction Sector Jobs Increase

The estimate of the number of open, unfilled construction sector jobs was revised significantly higher for the month of June and remained elevated in July. While hiring and separations increased for the sector, the current count of unfilled construction jobs is among the highest since 2008. According to the BLS Job Openings and Labor Turnover Survey (JOLTS), the number of open… Read More ›

Eye on the Economy: Existing Home Sales Improving

Existing home sales increased 2.4% in July, tallying the fourth consecutive month of increase. While the pace of existing home sales remains 4.3% below the July 2013 rate, the steady improvement for resales is positive news for the new home market because prospective repeat homebuyers must sell their existing home before buying a newly built residence. The National Association of… Read More ›

How Many Homes Fit on a Football Field?

Given that single-family homes have been generally getting larger, it may be tempting to assume that the lots they’re sitting on are getting larger as well. However, according to the Census Bureau’s Characteristics of New Single-Family Houses Sold, the opposite is closer to the truth.  The median lot size of a new single-family detached home sold was an even 10,000 square feet from… Read More ›

Interest Rates Little Changed on New Home Loans

On August 28, the Federal Housing Finance Agency (FHFA) reported that, overall, mortgage interest rates were flat in July. To a large extent, the same was true for the subset of loans used to purchase new homes. Between June and July, the average contract interest rate on conventional mortgages for new homes ticked down, but only from 4.14 to 4.12…. Read More ›

Are Some Consumers Worried about the Future?

Consumers continue to regain confidence, but they may be concerned about the near future. The Conference Board’s Consumer Confidence Index increased for the fourth consecutive month to 92.4 in August. But the expectations for the next six months remained unchanged. The Thomson Reuters/University of Michigan Consumer Sentiment Index climbed to 82.5 in August from 82.1 in July, and its Current… Read More ›

Pending Sales Resume Upward Trend

Pending home sales increased 3.3% in July, climbing four of the last five months. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), increased to 105.9 in July from a downwardly revised June level of 102.5. The July reading was down 2.1% on a year-over-year basis. The July… Read More ›