Tag Archive for ‘home building’

Job Openings in Construction: September Data

The count of construction job openings declined in September as hiring in the home building sector remained slow. The average monthly employment gain for builders and remodelers has been approximately 4,700 over the last six months. 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) dipped to… Read More ›

Eye on the Economy: Interest Rate Hike in December?

***Eye on the Economy is a biweekly survey of NAHB’s economic and housing analysis from Chief Economist David Crowe. The Federal Reserve’s monetary policy committee did not increase short-term interest rates at the conclusion of its October meeting, but most analysts expect an increase in the coming months. However, recent macroeconomic data have been mixed, which may delay until next year… Read More ›

Share of Remodelers Reporting Labor Shortages Climbs Even Higher

Eighty percent of remodelers reported a shortage of finished carpenters (and 41 percent said the shortage was serious), according to special questions on NAHB’s Remodeling Market Index (RMI) survey in the 3rd quarter of 2015. That’s 8 percentage points higher than NAHB remodelers were reporting just a year ago. The RMI survey asked remodelers about availability of labor in the 12 categories recommended by Home… Read More ›

Apartment Absorptions for the Second Quarter

The rental apartment market continued to be strong during the second quarter 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… Read More ›

55+ Housing Market Still Going Strong in the Third Quarter

Builder confidence in the 55+ housing market remained strong in the third quarter of 2015, according to results from NAHB’s 55+ Housing Market Index (55+ HMI) survey.  Survey results show the 55+ HMI for single-family housing increasing to 60—up three points from the previous quarter and marking the sixth consecutive quarter the single-family 55+ HMI has been above the break-even point of 50 (which… Read More ›

Cost of Constructing a Single-family Home in 2015

The NAHB recently published its latest Cost of Construction Survey. The survey shows that the average home was built on 20,129 square feet (about a half an acre) of land, had 2,802 square feet of finished space, and sold for an average of $468,318. Results further show that 61.8 percent of the average home sale price consisted of construction costs,… Read More ›

New Home Mortgages: Rates Change Little, Loan Size Surges

Data released today by the Federal Housing Finance Agency (FHFA) show that interest rates on mortgages for new homes declined in September, but the changes were very small.  The average contract rate on conventional loans used to purchase newly built single-family homes edged down by two basis points, from an even 4.00 to 3.98 percent—a decline too small to see on the chart… Read More ›

Pending Sales Down Again

Although the Pending Home Sales Index decreased for the second consecutive month in September to its second lowest reading in 2015, the PHSI has increased year-over-year for 13 consecutive months. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), decreased 2.3% in September to 106.8 from a downwardly… Read More ›

Eye on the Economy: Builder Confidence Up in October

***Eye on the Economy is a biweekly survey of NAHB’s economic and housing analysis from Chief Economist David Crowe. Contracts for new home sales disappointed in September, after a strong August and a run of weak job numbers. According to estimates from the Census Bureau, the monthly pace of new home sales declined 11.5% from August, falling from a 529,000 seasonally… Read More ›

New Home Sales Financing: Conventional Mortgages Trending Up

NAHB analysis of the most recent Census estimates concerning sources of financing for new home sales reveals an ongoing long-run trend toward conventional mortgages. According to data from the Census Bureau’s Quarterly Sales by Price and Financing and NAHB calculations, new home sales due to FHA-backed loans decreased to a quarterly count of 19,000 and a market share of 16% for the third quarter…. Read More ›