The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 66% in the third quarter of 2023, amid persistently tight housing supply and elevated mortgage interest rates.
The Census Bureau’s Survey of Construction (SOC) provides valuable information on the characteristics of new homes started construction, such as air conditioning and heating system installations. Air Conditioning In 2022, 97.1 percent of
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.3% in September. The pace of personal income growth slowed after reaching a
NAHB tabulation of data from the Survey of Construction (SOC) indicates shares of new single-family homes built with private wells and individual septic systems increased in 2022, compared with the
Housing’s share of the economy remained at 15.9% at the end of the third quarter of 2023. Overall GDP increased at a 4.9% annual rate, following a 2.1% increase in
The U.S. economy had remarkable growth in the third quarter of 2023, fueled by consumer spending. The GDP price index rose 3.5% for the third quarter, up from a 1.7%
NAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the all-cash share of new home sales climbed substantially in the third quarter of 2023 while VA-backed
Despite mortgage rates that are at a 23-year high, new home sales posted a double-digit percentage gain in September because of a lack of inventory in the resale market. The
Despite mortgage rates topping 7%, Americans persist in their desire to buy a home. According to the latest Housing Trends Report*, the share of adults with plans to purchase a
Nonfarm payroll employment increased in 40 states and the District of Columbia in September compared to the previous month, while nine states lost jobs. Wyoming reported no change. According to
Arizona’s population growth increased for the second consecutive year after falling during 2020. The population growth rate was 1.30% between 2021 and 2022 with the population increasing by 94,320 persons,
Existing home sales in September fell to lowest level since October 2010 as limited inventory and higher mortgage rates continued to weigh on homebuyers, according to the National Association of
Despite elevated mortgage rates averaging above 7%, single-family starts posted a solid gain in September as more buyers are turning to new homes because of a dearth of inventory in
Stubbornly high mortgage rates that have climbed to a 23-year high and have remained above 7% for the past two months continue to take a heavy toll on builder confidence,
Over the first eight months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 615,453. On a year-over-year (YoY) basis, this is 15.6% below the August
According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) was unchanged in September (not seasonally adjusted) after climbing 0.4%
Consumer prices in September remained stable, with housing and gasoline cost continuing to be key drivers. Despite the slight annual slowdown, shelter costs remain elevated, accounting for over 70% of
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the third quarter of 2023 posted a reading of 65, edging down 3 points from the previous quarter. While there is still