NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $132 billion in taxes were paid by property owners in the second quarter of 2023 (not
According to the annual data from the Census Bureau’s Survey of Construction (SOC), a total of 29,000 5,000+ square-foot homes were started in 2022, down from 33,000 in 2021. In the boom
Lot values for single-family detached spec homes continued to rise in 2022, with the national value and six out of nine Census divisions setting new nominal records, according to NAHB’s
Consumer confidence saw another decline in September as consumers expressed growing concerns about the future, primarily driven by persistent inflation and expectations of higher interest rates lasting for an extended
Elevated mortgage rates and challenging affordability conditions pushed new home sales down to their weakest rate since March. Sales weakened in August with average mortgage rates above 7%. While some
Of the roughly 1,005,000 single-family and 547,000 multifamily homes started in 2022, 59,000 (28,000 single-family and 31,000 multifamily) were built in age-restricted communities, according to NAHB tabulation of data from
Nonfarm payroll employment increased in 33 states and the District of Columbia in August compared to the previous month, while 17 states lost jobs. According to the Bureau of Labor
The total market share of non-site built single-family homes (modular and panelized) was just 2% of single-family homes in 2022, according to completion data from the Census Bureau Survey of
Existing home sales in August remained at the lowest level since January as limited inventory and higher mortgage rates continued to weigh on homebuyers, according to the National Association of
The Federal Reserve’s monetary policy committee held the federal funds rate at a top target rate of 5.5% at the conclusion of its September meeting. The Fed will also continue
Higher mortgage rates averaging above 7% put a damper on single-family production in August, as builders also continue to face supply-side challenges in the form of elevated construction costs, a
Persistently high mortgage rates above 7% continue to erode builder confidence, as sentiment levels have dropped below the key break-even measure of 50 for the first time in five months.
Over the first seven months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 527,158. On a year-over-year (YoY) basis, this is 18.4% below the July
According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) ticked up 0.1% in August (not seasonally adjusted). Prices have
Consumer prices in August saw the largest monthly gain since June 2022, primarily driven by a surge in gasoline costs. Core service inflation excluding housing was little changed in August,
Per the Mortgage Bankers Association’s (MBA) survey through the week ending September 8th, total mortgage activity decreased 0.8% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate
Consumer credit outstanding growth slowed to 2.5% in July, down from 3.4% in July (SAAR) according to the Federal Reserve’s latest G.19 Consumer Credit report. Revolving credit growth reaccelerated to
The second quarter of 2023 release of the Z.1 Financial Accounts of the United States indicates that the market value of households’ real estate assets increased over the quarter. Low