Tag Archive for ‘home building’

June Existing Sales Slow

Existing home sales decreased 1.8 % in June, but remain 0.7% above the pace a year ago. Some 54% of homes sold last month were on the market less than a month as buyers overcame low inventory and higher prices. June inventory declined 0.5%, and remains 7.1% lower than a year ago, having fallen year-over-year for the 25th consecutive month…. Read More ›

Single-Family Starts Bounce Back in June

Total housing starts bounced back in June after a weak May. Total starts increased 8.3% to a  1.215 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. Monthly increases were recorded for both single-family and multifamily development. Single-family starts moved forward, increasing to an 849,000 annual rate in June. The February annualized… Read More ›

Shelter Prices Contribute to Consumer Inflation

Consumer prices faced by urban consumers nationwide, as measured by the Bureau of Labor Statistics’ Consumer Price Index – Urban Consumer (CPI), rose by 1.6 percent over the past year on a not seasonally adjusted dating back to June 2016. However, over the past month, consumer prices were unchanged (seasonally adjusted basis). The Shelter Price Index was a key contributor… Read More ›

Residential Construction Loan Growth at Smaller Banks Has Slowed

Residential construction loans held by banks have grown over the past 4 years. However, in recent quarters, growth in the stock of residential construction loans has slowed. The recent slowdown in residential construction loan volume largely reflects a deceleration in growth across smaller banks, those with assets below $10 billion. These banks hold the majority of the bank-held residential construction… Read More ›

Open Construction Jobs Fall in May

The count of unfilled jobs in the construction sector declined in May, falling to level below that recorded a year ago. 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) stood at 154,000 in May. The cycle high was 238,000, set in July of last year. The open position rate… Read More ›

Builders Starting to Report Shortages of Framing Lumber

For several years now, the recovery in single-family home building has been hampered by shortages of labor and lots.  Availability of building materials, meanwhile, has not been much of an issue.  But that may be starting to change. In answer to questions on the May 2017 survey for the NAHB/Wells Fargo Housing Market Index, 21% of single-family builders reported a shortage… Read More ›

How a Home Purchase Boosts Consumer Spending

Using the Consumer Expenditure Survey (CES) data from the Bureau of Labor Statistics (BLS), NAHB Economics research shows that a home purchase triggers additional spending on appliances, furnishings, and remodeling. NAHB’s most recent estimates are based on the 2012-2014 data and show that during the first two years after closing on the house, a typical buyer of a newly-built single-family… Read More ›

Mortgage Rates Fall Again

Information provided by the Federal Housing Financing Agency’s Mortgage Interest Rate Survey indicates that mortgage rates on purchases of newly constructed homes fell over the month of May to 4.00 percent, from 4.02 percent in April. Since rising by 64 basis points between October 2016 and February 2017, rates have now slipped 18 basis points over 3 consecutive months. A… Read More ›

Pending Sales Slide for Third Consecutive Month

The Pending Home Sales Index decreased for the third month in a row, and annually for the second year in a row. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), decreased to 108.5 in May, down 0.8% from a downwardly revised 109.4 in April, and down 1.7%… Read More ›