Over the first six months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 449,226. On a year-over-year (YoY) basis, this is 20.9% below the June 2022 level of 567,798. Year-to-date ending in June, single-family permits declined in all four regions….
According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) edged up 0.2% in July (not seasonally adjusted). Building materials price growth has slowed considerably in 2023 with an average monthly increase of 0.2%–down from…
Rising home prices and interest rates coupled with elevated construction costs, low existing inventory and solid demand resulted in a significant decline in housing affordability during the second quarter of 2023. According to the NAHB/Wells Fargo Housing Opportunity Index (HOI), 40.5% of new and existing…
Consumer prices showed a slight uptick in July, with core inflation remained sticky, ending a streak of 12 consecutive months of steady declines. Despite a slowdown compared to the previous month, the shelter index (housing inflation) continued to be the largest contributor to both headline…
Per the Mortgage Bankers Association’s (MBA) survey through the week ending August 4th, total mortgage activity decreased 3.1% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose 16 basis points to 7.09%. The FRM rate has fluctuated between 6.9% and 7.1%…
Consumer credit outstanding growth slowed to 4.0% in the second quarter 2023 (SAAR) according to the Federal Reserve’s latest G.19 Consumer Credit report, as revolving and nonrevolving debt grew at 7.1% and 3.0%, respectively. Revolving credit growth has decelerated as of late, a result of both…
The average length of time to complete construction of a multifamily building, after obtaining authorization, was 19.8 months, according to the 2022 Survey of Construction (SOC) from the Census Bureau. The permit-to-completion time in 2022 was 2.3 months longer than in 2021, as supply-chain issues…
