Nonfarm payroll employment increased in 32 states and the District of Columbia in May compared to the previous month while 18 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 390,000 in May, following a gain of…
As rising mortgage rates and higher home prices continued to price out homebuyers, existing home sales declined for four consecutive months, according to the National Association of Realtors (NAR). However, the trend in home price appreciation continued as supply remained tight. The median existing home…
In the first quarter of 2022, multifamily home building showed greater growth across all regional markets compared to the first quarter of 2021, per the NAHB’s Home Building Geography Index (HBGI). Apartment construction far outpaced single-family building in all regional geographies but especially in lower…
Single-family starts declined further in May, as higher interest rates weighed on housing affordability. This follows a sixth straight monthly decline for the NAHB/Wells Fargo HMI. Additionally, the cost and availability of materials, lumber, labor and lots remain key supply-side headwinds. Single-family permits decreased 5.5%…
To fight persistent inflation, the Federal Reserve has committed to significantly cooling demand. This approach reflects a non-monetary policy failure to fix underlying supply-side challenges that are pushing up inflation. The Fed lacks policy tools to make these supply-side fixes, so it must rely on…
Rising inflation and higher mortgage rates are slowing traffic of prospective home buyers and putting a damper on builder sentiment. In a troubling sign for the housing market, builder confidence in the market for newly built single-family homes posted its sixth straight monthly decline in…
