Tag Archive for ‘home building’

New Home Sales Decline in May

Contracts for new, single-family home sales declined to a 626,000 seasonally adjusted annual rate in May according to estimates from the joint release of HUD and the Census Bureau. This was a surprising drop due to recent softening of mortgage interest rates and continued low unemployment. Recent months’ data have been relatively positive, with the revised March pace of 705,000… Read More ›

Builder Confidence Solid in June Amidst Growing Economic Uncertainty

Builder confidence in the market for newly-built single-family homes fell two points to 64 in June, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Sentiment levels have held at a solid range in the low- to mid-60s for the past five months. While demand for single-family homes remains sound, builders continue to report rising… Read More ›

Single-Family Permit Continues To Be Weak in April

Over the first four months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 261,119. On a year-over-year (YoY) basis, this is a 6.5% decline over the April 2018 level of 279,302. Year-to-date ending in April, single-family permits reported growth only in the Northeast region of the country. The South, Midwest, and the West regions declined… Read More ›

Construction Job Openings Rise in April

Data from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings increased in April, consistent with the ongoing challenge of the availability of labor for builders. The estimated number of job openings in the construction sector increased to 404,000, a post-Great Recession high. Moreover, this marks a significant gain over the 258,000 openings estimated in April… Read More ›

Rates on Construction Loans Back Off Slightly in the First Quarter

After rising throughout most of 2018, with one minor exception, interest rates on loans for residential acquisition, development, and construction (AD&C) backed off slightly in the first quarter of 2019, according to results from NAHB’s latest AD&C survey. The NAHB survey showed average first quarter interest rates of 6.56 percent on land acquisition loans, 6.25 percent on loans for land… Read More ›

New Home Sales Post Solid Numbers in April

After an upward revision, March and April newly-built single-family homes sales data indicate that lower mortgage rates and price incentives increased the volume of transactions as the spring home buying season stabilized after weakness in late 2018. Contracts for new, single-family home sales declined to a 673,000 seasonally adjusted annual rate according to estimates from the joint release of HUD… Read More ›

Many Remodelers Are Now Creating ADUs

Despite some recent improvement, household formations have been lagging since the latest downturn.  The accompanying effects have been many—including a lower rate of housing production, a lower rate of replacing older housing units, a consequently aging housing stock, and increased doubling up.  Remodeling is also potentially affected, as the tendency to double up may be accommodated in part by modifying… Read More ›