Eye On Housing
Single-Family Permit Continues To Be Weak in April
Over the first four months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 261,119. On a year-over-year (YoY) basis, this is a 6.5% decline over the April 2018 level of 279,302. Year-to-date ending in April, single-family permits reported growth only in the Northeast region of the country. The South, Midwest, and the West regions declined… Read More ›
Recent Posts
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Homeowners Cautious with Lines of Credit Despite Equity Gains
The current release of the Federal Reserve’s Z.1 Financial Accounts report of the U.S., also known as the flow of funds report, shows a continuing increase in the market value of households in the U.S. Mortgage debt continues to expand as well, albeit at a much slower pace. The aggregate market value of houses represents assets on households’ balance sheets,… Read More ›
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CPI Growth Slows in May
In May, headline inflation rose slower relative to April, while core inflation remained unchanged. On a seasonally adjusted basis, the Consumer Price Index (CPI), released by the Bureau of Labor Statistics (BLS), rose by 0.1% in May, after a 0.3% increase in April. It was the smallest gain since January 2019. Excluding the volatile food and energy components, the “core”… Read More ›
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Building Materials Prices Flat as Gypsum, Lumber Slow Overall Growth
Prices paid for goods used in residential construction did not change in May (not seasonally adjusted) according to the latest Producer Price Index (PPI) released by the Bureau of Labor Statistics. As a result, building materials prices have grown much more slowly in 2019 (+3.1%) than they did over the same period in 2018, during which they increased 4.7%. Consistent… Read More ›
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Construction Job Openings Rise in April
Data from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings increased in April, consistent with the ongoing challenge of the availability of labor for builders. The estimated number of job openings in the construction sector increased to 404,000, a post-Great Recession high. Moreover, this marks a significant gain over the 258,000 openings estimated in April… Read More ›
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Consumer Credit Posts Highest Yearly Increase Since July 2017
The Federal Reserve’s latest G.19 Consumer Credit Report shows rising trends in consumer credit, excluding loans secured by real estate, through April 2019. As of April 30, 2019, consumer credit totaled $4.1 trillion on a seasonally adjusted basis, with $1.1 trillion in revolving debt1 and $3.0 trillion in nonrevolving debt2. The latest monthly year-over-year percentage increase of 5.3% in the… Read More ›
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Job Growth Softened in May
Total nonfarm payroll employment increased by 75,000 in May, while the unemployment rate remained at 3.6%. Residential construction employment increased by 5,200 in May, after a decline of 1,600 jobs in April. The total construction industry (both residential and nonresidential) gained 4,000 jobs in May. According to the Employment Situation Summary for May, released by the Bureau of Labor Statistics… Read More ›
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Small City Single-Family Building Growth Slowing
After several years of steady construction gains, single-family construction in small cities experienced a net deceleration of growth going into 2019. Such areas represent 37% of all single-family construction nationwide. With a population of nearly 95 million, small cities in the U.S. account for about 30% of the U.S. population and therefore serve as a good “demographic and economic microcosm”… Read More ›
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Record Low Birth Rates Suppress Housing Demand
According to the latest provisional birth report from the Center for Disease Control and Prevention (CDC), the US birth rate fell to its lowest level in 32 years with only 3,788,235 births recorded in 2018. This is 2% down from 2017 and the fourth consecutive annual decline. Birth rates declined for all age groups of women under 35 and only… Read More ›
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Builders’ Use of Drones Remains Widespread, Mostly for Promotional Photos
Well over 40 percent of builders continue to use aerial drones, according to special questions on the March 2019 survey for the NAHB/Wells Fargo Housing Market Index (HMI). The first of these questions asks the single-family builders in the HMI panel if they have ever used drones in their businesses, including any cases where they may have hired third parties… Read More ›