Eye On Housing
Over the first ten months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 727,301. On a year-over-year (YoY) basis, this is a 1.6% decline over the October 2018 level of 739,120. Year-to-date ending in October, single-family permits reported declines in three regions and a slight increase in the South. The Northeast reported the steepest decline… Read More ›
A majority of new homes that completed construction in 2018 included two-car garages (64%), according to NAHB analysis of 2018 Census Bureau Survey of Construction data. There is clear uniformity for parking options in new homes completed across the Census divisions. Except for West North Central division, the 2-car garage was the largest share of completed homes in all other divisions…. Read More ›
After a slight (and delayed) dip in interest rates for AD&C loans, the stock of outstanding residential construction loans expanded during the third quarter of 2019. The volume of 1-4 unit residential construction loans made by FDIC-insured institutions increased 0.8%. The volume of loans increased by $628 million during the quarter, placing the total stock of loans at $80.3 billion…. Read More ›
Of the roughly 876,000 single-family homes started in 2018, 22.6 percent included decks, according to NAHB tabulation of data from the Survey of Construction (SOC, conducted by the U.S. Census Bureau and partially funded by HUD). This is down over a full percentage point from he 23.8 percent recorded a year earlier. From 2005 to 2008, the share of new… Read More ›
In the third-quarter of 2019, builders and developers reported declining interest rates on all types of loans covered in NAHB’s survey on acquisition, development and construction (AD&C) financing. In the third quarter, the average interest rate declined from 6.59 to 6.39 percent on loans for land acquisition, from 6.49 to 6.39 percent on loans for land development, from 6.21 to… Read More ›
Contracts for new, single-family home sales declined in October by 0.7% to a 733,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. The decline came off an upwardly revised September estimate, which was increased from an initial reading of 701,000 to a new estimate of 738,000. Year-over-year, the October estimate is 31.6% higher. Sales continue… Read More ›
An elevated rental share of multifamily construction is holding typical apartment size below levels seen during the pre-Great Recession period. As multifamily developers build more for-sale housing units in the years ahead, the average size of multifamily homes is likely to rise. According to third quarter 2019 data, the average per unit square footage of multifamily housing construction starts was 1,133, off from… Read More ›
According to the Census Bureau’s Survey of Construction, the share of new homes started with 5,000 square feet or more of living space stood at 2.88 percent in 2018, down slightly from 3.08 percent in 2017. A total of 25,000 5,000+ square-foot homes were started in 2018, compared to 26,000 in 2107. The slight decline in 5,000+ square foot homes… Read More ›
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates custom home building expanded during the third quarter of 2019. There were 56,000 total custom building starts during the third quarter of 2019, the highest quarterly total since the Great Recession. This marks a 6% gain over the third quarter 2018 total of 53,000. Over… Read More ›
New single-family home size trended lower during the third quarter of 2019 as interest rates remained low. According to third quarter 2019 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area ticked up to 2,264 square feet. Average (mean) square footage for new single-family homes declined to 2,464 square… Read More ›