Eye On Housing
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates a small gain for custom home building construction starts. There were 31,000 total custom starts for the first quarter of the year. Over the last four quarters, there were 172,000 custom single-family home starts, an increase of approximately 2% over the prior four quarters. Note that… Read More ›
According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction starts continue to post gains. Over the last four quarters (ending with the first quarter of 2018), townhouse starts totaled 105,000, 7% higher than the prior four quarters. Townhouses, or single-family attached housing, accounted for 21,000 starts during the first quarter… Read More ›
Total housing starts declined in April due a drop in the volatile multifamily category. Starts decreased 3.7% month-over-month to a 1.29 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. The pace of single-family starts was roughly flat in April, after an upward revision to the March rate (increased from an initial… Read More ›
According to a recent NAHB survey, “desire for better/newer amenities” and “need to repair/replace old components” once again ranked as the top reasons owners remodel their homes. However, several other reasons to remodel are gaining ground, particularly the desire to be able to age in place. The survey took the form of a special question on NAHB’s Remodeling Market Index (RMI) instrument for the first quarter of 2018. … Read More ›
Following a decline in March, the Bureau of Labor Statistics reported that consumer prices rose by 0.2 percent over the month of April, largely reflecting energy and food prices as well as shelter prices. Excluding energy and food prices, “core” inflation decelerated from 0.2 percent to 0.1 percent as shelter prices, which represent the largest share of the consumer price… Read More ›
The count of unfilled jobs in the construction sector increased in March and approached the post-Great Recession high level. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs increased to 248,000 in March. The post-recession high count of open, unfilled construction jobs was 255,000 in July of last… Read More ›
Ninety-one percent of remodelers reported shortages of labor available to perform finished or rough carpentry work, and over 40 percent said these shortages were serious, in response to special questions on NAHB’s Remodeling Market Index (RMI) survey for the 3rd quarter of 2017. The RMI survey asked remodelers about availability of labor in 15 specific occupations that were either specifically recommended by Home Builders… Read More ›
According to the Federal Housing Finance Agency (FHFA), mortgage rates continue to rise and this is confirmed by data from Freddie Mac. The short end of the yield curve, which is most sensitive to monetary policy, has been the primary force behind the increase in mortgage rates. In recent years, short-term rates have put upward pressure on mortgage rates while… Read More ›
As was widely expected, the Federal Open Market Committee (“FOMC”), the monetary policy making body of the Federal Reserve, maintained the federal funds rate at a range of 1.50 to 1.75 percent following its meeting that convened on May 1-2, a rate it deems “accommodative”. Going forward, the FOMC expects that, with further gradual adjustments in the stance of monetary… Read More ›
May is National Home Remodeling Month. Following the tradition established in recent years, the month’s first related post covers the most common types of remodeling projects performed by NAHB Remodelers during the previous calendar year. Results come from a special question on NAHB’s Remodeling Market Index (RMI) survey for the first quarter of 2018. The results show kitchen and bathroom remodeling… Read More ›