Tag Archive for ‘home building’

Consumer Credit Growth Slows

The Federal Reserve Board recently reported that consumer credit outstanding rose by a seasonally adjusted annual rate of 5.7%, $193.0 billion, in May 2015, slower than the 7.6% rate of growth recorded in April 2015. Consumer credit outstanding now totals $3.401 trillion. The expansion of total consumer credit outstanding partly reflected an increase in the outstanding amount of non-revolving consumer credit. Non-revolving… Read More ›

New Study Highlights Importance of Like-Kind Exchange Rules

New academic analysis illustrates the critical role that tax code’s like-kind exchange rules play for the real estate sector. The research was authored by David Ling of the University of Florida and Milena Petrova of Syracuse University, with financial support from the Real Estate Like-Kind Exchange Coalition, which is comprised of organizations representing all sectors of the real estate industry, including… Read More ›

Eye on the Economy: New and Existing Home Sales Increase

As the spring turned to summer, the pace of home sales increased nationwide. The rate of new single-family home sales, as estimated by the Census Bureau, improved to a seasonally adjusted annual rate of 546,000 in May, the fastest pace in seven years and a 2.2% increase over April. New home inventory remained steady at 206,000 units nationwide (completed and… Read More ›

Construction Job Openings Increase in May

The number of open, unfilled construction sector positions rose during the month of May over a slightly downwardly revised estimate for April. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) increased from 137,000 (revised) in April to 149,000 in May. The May estimate is the fourth… Read More ›

Property Tax Collections Total $500 Billion Over Last Four Quarters

According to NAHB tabulations of the Census Bureau’s quarterly data, property taxes constituted 39.5% of state and local tax receipts among major sources over the last four quarters. From the first quarter of 2014 to the end of the first quarter of 2015, sales taxes and individual taxes were responsible for 28% each. At 4.5%, corporate income taxes held the smallest share of state… Read More ›

For Builders, Labor/Subcontractor Shortage Intensifies

A survey of single-family builders conducted by NAHB in June 2015 shows that shortages of labor and subcontractors—already quite widespread in mid-2014—have become even more widespread during the past year. The shortages are most acute for basic skills like carpentry, which are needed during the construction of any home.  For example, in the 2015 survey 69 percent of builders reported a… Read More ›

May Gains for Residential Construction Spending

NAHB analysis of Census Construction Spending data shows that total residential construction spending for May increased to a seasonally adjusted annual rate of $366.1 billion. On a month-over-month basis, multifamily spending was $48.7 billion, up by 0.2% over the revised April estimate, while the single-family spending was $209.4 billion, an increase of 0.03% from April. Annually, multifamily spending rose 20.8%… Read More ›

Pending Sales Continue Momentum

The Pending Home Sales Index increased for the fifth straight month to the highest level in over nine years. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), increased 0.9% in May to 112.6, and climbed to 10.4% above the May level a year ago. Regionally, the May… Read More ›

Multifamily Market Absorption at the Start of 2015

Apartment absorptions continued to be strong at the start of 2015, as multifamily production levels remain elevated. According to NAHB analysis of the most recent data from the Census Bureau and Department of Housing and Urban Development Survey of Market Absorption of Apartments (SOMA), completions of privately financed, unsubsidized, unfurnished rental apartments in buildings with five or more units totaled 209,100… Read More ›

Rates on New Home Loans Fall to Two-Year Low

Data released today by the Federal Housing Finance Agency (FHFA) shows a one basis point decline in the average contract interest rate on conventional loans used to purchase newly built homes.   Small as this change was it took the contract rate on new home loans down to 3.77 percent in May—which is the lowest it’s been since June of 2013…. Read More ›