The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 65.9% in the last quarter of 2022, which is statistically unchanged from the fourth quarter reading (66%). It is 0.4 percentage points higher than the rate in the fourth quarter of 2021. The national rental vacancy rate dipped slightly to 5.8%, and…
Dwindling housing affordability in the fourth quarter of 2022 caused the share of prospective home buyers who are actively engaged in the purchase process (i.e. who have moved beyond just the planning phase) to drop to 46%, down from 59% a quarter earlier. The share of prospective buyers fully engaged in the buying process declined…
Buyers’ outlook for housing affordability took a sharp negative turn in the final quarter of 2022, when a record high of 87% reported being able to afford fewer than 50% of the homes for-sale in their markets. The remaining 13% can afford the majority of homes available, less than half the 31% who could in…
NAHB’s analysis of headship rates from the latest 2021 American Community Survey (ACS) reveals that the Covid-19 pandemic unlocked some pent-up housing demand, especially among young adults ages 25 to 34. The pandemic-heightened desire for more spacious and independent living, as well as “excess” savings accumulated early in the lockdown stages of the pandemic, propelled…
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.2% in December. The pace of personal income growth slowed after reaching a 0.8% monthly gain in October. Gains in personal income are largely driven by increases in compensation of employees in December. Real disposable income, income remaining…
After a brief respite earlier in 2022, buyers’ expectations of housing availability soured again at the end of the year. In the final quarter of 2022, the share of buyers who expect the home search to get easier in the months ahead dropped to 24%, down from 37% in the third quarter. In contrast, 66%…
While new home sales posted a modest gain in December, elevated mortgage rates and higher construction costs continue to hinder housing affordability and put a damper on consumer demand. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau estimated sales of newly built, single-family homes in December at a 616,000 seasonally…
