Tag Archive for ‘home building’

Three-story Single-family Homes

Of the 729,000 single-family detached homes started in 2017, a little over 18,000 (2.5 percent) had three or more stories, according to NAHB tabulation of recently released Census data. The data come from the Survey of Construction (SOC, conducted by the U.S. Census Bureau with partial funding from HUD).  Although the SOC has always collected data on 3-story single-family homes, the Census Bureau began publishing information on them only recently.  Traditionally, the… Read More ›

Mortgage Rates Remain Elevated

The Federal Housing Finance Agency reported that mortgage rates on purchases of newly built homes rose by seven basis points over the month of May 2018 to 4.51 percent, marking the seventh consecutive monthly increase. However, information compiled by Freddie Mac suggests that mortgage rates may have taken a breather in June. Despite the two basis points decline in mortgage… Read More ›

Pending Home Sales Continue Slide in May

The Pending Home Sales Index decreased 0.5% in May, and remains 2.2 % below the level one year ago, having declined on an annualized basis for the fifth straight month. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR). The PHSI decreased to 105.9 in May from… Read More ›

New Home Sales Rise, But Only In The South

Sales of new single-family homes rose by 6.7 percent in May to reach a seasonally adjusted annual rate of 689,000 according to a report released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. A downward revision to the sales pace in April, from 662,000 to 646,000, partly contributed to the increase in sales. Regionally,… Read More ›

Builders Say Lumber Prices Are Hurting Affordability

In a recent NAHB survey, over 40 percent of builders said construction costs in general are causing home buyers to hold back from purchasing a new home, and over 90 percent said that lumber prices specifically are hurting affordability. The results are consistent with yesterday’s post, which described a surge in the number of builders reporting a shortage of framing lumber. The new results… Read More ›

Number of Builders Reporting a Shortage of Framing Lumber Surges

Shortages of framing lumber are now more widespread than at any time since NAHB began tracking the issue in a consistent way in 1994, according to results from the May 2018 survey for the NAHB/Wells Fargo Housing Market Index.  Over 30 percent of single-family builders responding to the survey’s special questions in May reported a shortage of framing lumber, outdistancing the other 22… Read More ›

Existing Sales Retreat 0.4% in May

Existing-home sales decreased 0.4% in May to a level 3.0% below a year ago, and sales have now decreased year-over-year for three consecutive months. The first-time buyer share of 31% was down from 33% last month and a year ago. The National Association of Realtors reported that 58% of homes sold last month were on the market less than a… Read More ›

Housing Starts Reach Post-Recession High in May as Permits Soften

Total housing starts increased in May with gains in both the single-family and multifamily sectors. Starts increased 5% month-over-month to a 1.35 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. This pace is a post-recession high. The rate of single-family starts was 3.9% higher in May, reaching a 936,000 annual rate…. Read More ›

Builder Confidence Slips Two Points as Lumber Prices Soar

Builder confidence in the market for newly-built single-family homes fell two points to 68 in June on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The decline was due in large part to sharply elevated lumber prices, although sentiment remains on solid footing. Improved economic growth, continued job creation and solid housing demand should spur additional single-family… Read More ›