Despite lower perceptions of affordability, the share of prospective home buyers who are actively engaged in the purchase process (i.e., have moved beyond the planning phase) remained essentially unchanged between
Housing’s share of the economy remained at 15.8% at the end of the second quarter of 2023. Overall GDP increased at a 2.4% annual rate, following a 2.0% increase in
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.3% in June. The pace of personal income growth slowed after reaching a
After a reprieve in the first quarter of 2023, buyers’ outlook for housing affordability turned bleaker again in the second quarter. According to the latest Housing Trends Report, 76% of
The U.S. economy grew at a solid pace in the second quarter of 2023, fueled by consumer and government spending. The second quarter data from the GDP report suggests that
Increased levels of new home construction and sales are leading some buyers to expect the home search to get easier in the months ahead. According to the latest Housing Trends
The Federal Reserve’s monetary policy committee increased the federal funds rate to a top target of 5.5% at the conclusion of its July meeting. The Fed will also continue to
Rising mortgage rates and elevated construction costs put a damper on new home sales last month. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau estimated
Higher interest rates have led millions of existing homeowners with mortgages under 4% to postpone plans to list their homes for sale, and for many prospective buyers, that supply vacuum
Mortgage rates’ slow –but steady– march upwards combined with the return of home price gains are doing what they are predicted to: slow housing demand. According to the latest Housing
Nonfarm payroll employment increased in 38 states and the District of Columbia in June compared to the previous month, while 12 states lost jobs. According to the Bureau of Labor
Existing home sales in June fell to the lowest level since January as limited inventory and fluctuating mortgage rates continued to weight on homebuyers, according to the National Association of
Single-family production fell back after four straight monthly gains as elevated construction costs and rising mortgage rates led to a reduction in home building activity and affordability conditions worsened for
Low existing inventory that is keeping demand solid for new homes helped to push builder confidence up in July even as the industry continues to grapple with rising mortgage rates,
While US homeownership rates have been rising since 2015 and received an extra boost during the post-pandemic housing boom, they remain below the levels reached during the housing boom of
Over the first five months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 357,143. On a year-over-year (YoY) basis, this is 24.7% below the May
Job gains slowed in June, but the labor market remained solid. Total payroll employment rose by 209,000 and the unemployment rate decreased to 3.6%. In June, wages grew at a
Average hourly earnings for residential building workers* rose at a slower pace in May, after more than a year of strong gains. Wage growth has retreated below or close to