Tag Archive for ‘home building’

Private Inventories Contribute to Q3 GDP Growth

The Bureau of Economic Analysis (BEA) reported that real gross domestic product (GDP) rose by 3.0 percent over the third quarter on a seasonally adjusted annual rate basis. However, residential fixed investment (RFI) fell by 6.0 percent over the quarter. Despite the decline in the RFI component, the contribution of gross private investment to GDP growth rose, reflecting a large… Read More ›

Fed Leaves Rates Unchanged, Current Range Deemed “Accommodative”

On Wednesday, November 1, the Federal Open Markets Committee (“FOMC”) decided to leave its interest rate, the federal funds rate, unchanged at a range of 1.00 to 1.25 percent. Although the effects of the past hurricanes have reversed the longer trend in both employment and inflation, the hurricanes’ impacts are expected to fade and the longer-trend will reappear. In the… Read More ›

Jerome Powell Nominated to Lead the Fed

President Trump has nominated Jerome H. Powell to be the next Chairman of the Board of Governors of the Federal Reserve System. In his role as Chairman of the Board of Governors (“the Board”), Mr. Powell would also chair the Federal Open Markets Committee (“FOMC”), the monetary policy decision making body composed of the other Federal Reserve Board governors and… Read More ›

Florida Accounts for Much of Nationwide Decrease in Employment

According to the Bureau of Labor Statistics, nonfarm payroll employment increased in 28 states and decreased in 23 states and the District of Columbia in September 2017 compared to August 2017. Although the majority of states recorded a monthly increase, the decline across the state of Florida was large enough to offset those gains. As a result, payroll employment nationwide… Read More ›

Pending Sales Flat

The Pending Home Sales Index, unchanged in September, has fallen on an annual basis in five of the past six months, and is at its lowest level since January 2015. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), remained unchanged at 106.0 from a downwardly revised August… Read More ›

Jump for New Home Sales in September

Contracts for new home sales expanded by 18.9% in September to a 667,000 seasonally adjusted annual rate, according to estimates from the joint data release of HUD and the Census Bureau. The solid reading in September returns new home sales to the positive growth trend it has been on for several years. This expansion is supported by ongoing job growth and improving household formations, as well as tight existing home inventory. Despite some… Read More ›

Vinyl is the Most Widely Used Primary Exterior On New Homes

According to data from the Census Bureau’s Survey of Construction (SOC), vinyl (including vinyl-covered aluminum) was the most common primary exterior wall material on new single-family homes started in 2016 nationwide (27.2 percent), followed by stucco (24.4 percent), brick or brick veneer (21.8 percent), and fiber cement siding (such as Hardiplank or Hardiboard) (20 percent). Wood or wood products accounted… Read More ›

September Existing Sales Slightly Up

September existing sales increased slightly by 0.7% for the first time in four months, but the first-time buyer share decreased to 29% of sales, the lowest share since September 2015. The National Association of Realtors reported that parts of Texas and South Florida had temporary but notable declines due to Hurricanes Harvey and Irma. Some 48% of homes sold last… Read More ›

Lots Account for 17% of New Home Sale Prices

Earlier this month we published two blogs highlighting record-small sizes and record-high prices of new single-family lots. Extending this analysis and incorporating data on new home sale prices shows that, on average, lot values accounted for less than 17% of sale prices of new single-family homes started in 2016, the lowest share since at least 1999. Regionally, the share of… Read More ›

Residential Construction Lower on Hurricanes: Trends Remain in Place

Information released jointly by the Department of Housing and Urban Development and the Census Bureau indicates that total housing starts fell by 4.7 percent reflecting a 4.6 percent decline in single-family starts and a 5.1 percent drop in multifamily starts. This release reflects three dynamics, the impact of the recent hurricanes, the continued national trend growth in single-family starts, and… Read More ›