Eye On Housing
U.S. Household Balance Sheet Continues to Recover in Q3 2018
The third quarter Federal Reserve Flow of Funds report showed continued improvement in the financial position of U.S. households with real estate, as the market value of all owner-occupied residential real estate (household owned) rose to $25.6 trillion. According to NAHB tabulations of the quarterly series, the asset or market value of owner-occupied real estate held by U.S. households increased… Read More ›
Recent Posts
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Custom Home Building Annual Share
According to data from the Census Bureau’s Survey of Construction (SOC), the custom home share declined to 20 percent of all single family homes started in 2017—lowest since mid-2000. Contractor-built or owner-built houses – that together make up the custom home market – are built one at a time for owner occupancy on owner’s land with either the owner or… Read More ›
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Headline Inflation Flat in November
The pace of headline inflation slowed from 0.3% in October to 0.0% in November as energy prices declined sharply. The Consumer Price Index (CPI), reported by the Bureau of Labor Statistics (BLS), was unchanged in November on a seasonally adjusted basis, following a 0.3% increase in October. The “core” CPI, which excludes the volatile food and energy components, increased by… Read More ›
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OSB, Lumber, and Gypsum Lead Building Materials Prices Lower in November
Softwood lumber prices fell 3.0% in November the second consecutive decrease for the index to the latest Producer Price Index (PPI) released by the Bureau of Labor Statistics. The producer price index for softwood lumber has fallen 23.6% (not seasonally adjusted) since setting cycle and all-time highs in June (see below). After the decrease, the index level is 9.6% lower… Read More ›
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Non-Revolving Debt Drives Consumer Credit Growth
Preliminary consumer credit data for October 2018 released by the Federal Reserve Board’s G.19 Consumer Credit report indicate an increase in outstanding credit of about 7.75% (SAAR) during the third quarter. Revolving credit increased at an annual rate of 10.75%, while nonrevolving credit increased at an annual rate of 6.75%. Revolving credit plans, which is largely composed of credit card… Read More ›
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Uptick for Construction Job Openings in October
The count of unfilled jobs in the construction sector increased in October, although the total remained lower than the August estimate, which marked a post-recession high. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs expanded to 292,000 in October. The open position rate (job openings as a… Read More ›
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Job Market Slowed in November
After a big job gain last month, hiring slowed in November. Total employment increased by 155,000 and the unemployment rate remained unchanged at 3.7%. Residential construction employment increased by 7,900 in November. The industry has added 205,000 jobs since 2017. According to the Employment Situation for November released by the Bureau of Labor Statistics (BLS), total nonfarm payroll employment rose… Read More ›
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Nation’s Stock of Second Homes
According to NAHB estimates, the total count of second homes was 7.4 million, accounting for 5.6% of the total housing stock in 2016. This analysis focuses on the number and location of second homes qualified for the home mortgage interest deduction using the Census Bureau’s 2016 American Community Survey (ACS). As of 2016, the state with the largest stock of… Read More ›
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Active Home Buyers are Spending Significant Amounts of Time Looking for the Right Home
In the third quarter of 2018, 13% of adults in NAHB’s Housing Trends Report* poll report planning to purchase a home in the next 12 months. Of that group, 46 percent are not merely planning it, they are already actively engaged in the search for the right home to buy. And they are spending significant amounts of time looking. In… Read More ›
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Most Homes For-Sale are Unaffordable to Most People
Affordability continues to be a serious constraint for prospective home buyers. One way to find out buyers’ perception about this issue is to ask them to estimate the share of all homes for-sale in their markets they are able to afford. A strong majority of 79% say they can afford fewer than half of the homes available. This in turn… Read More ›