Real gross domestic product (GDP) increased in 39 states and the District of Columbia in the first quarter of 2024 compared to the last quarter of 2023 according to the
According to Freddie Mac, the average 30-year fixed-rate mortgage decreased by 14 basis points (bps) from 7.06% in the previous month to 6.92% in June 2024. This decline comes after
The budget deficit in 2024 is expected to total $1.9 trillion, according to the Congressional Budget Office’s most recent June estimates. This marks a $408 billion increase from the $1.5
Total (new and existing) home inventory is an important measure for gauging and forecasting home prices and home construction impacts. The intuition is clear: more inventory yields weaker or declining
New single-family starts have trended higher since 2012, reaching a post-pandemic peak of 1,133,145 units in 2021. During 2022 and 2023, elevated housing prices and persistently high mortgage rates have
Consumer confidence weakened in June but remained within the range of the past two years, with optimism about current labor market conditions offsetting concerns about future economic outlook. However, higher
Mortgage rates that averaged 7.06% in May per Freddie Mac, the highest monthly average since last November, put a damper on new home sales last month. Sales of newly built,
The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI) increased at a seasonally adjusted annual rate of 3.18% for April. This was following a revised rate of 3.69% in March.
Nonfarm payroll employment increased in 41 states and the District of Columbia in May compared to the previous month, while nine states saw a decrease. According to the Bureau of
The Census Bureau’s quarterly summary of State & Local Tax Revenue shows a 1.7% increase in property taxes paid, rising from a revised estimate of $754.1 to $766.7 billion in
Existing home sales fell for the third straight month in May due to lingering high mortgage rates and record-high prices, according to the National Association of Realtors (NAR). Low resale
Single-family and multifamily housing starts fell in May as high interest rates for construction and development loans and elevated mortgage rates held back both housing supply and demand. Overall housing
Mortgage rates that continue to hover in the 7% range along with elevated construction financing costs continue to put a damper on builder sentiment. Builder confidence in the market for
The market value of household real estate assets rose from $44.90 trillion to $45.84 trillion in the first quarter of 2024 according to the most recent release of U.S. Federal
Over the first four months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 336,124. On a year-over-year (YoY) basis, this is an increase of 25.3%
Diversifying the construction labor force is a key strategic goal given the ongoing skilled labor shortage. The latest labor force statistics from the 2022 American Community Survey[1] show that Non-Hispanic
Up to this point in 2024, the median builder has sold 22% of its homes to buyers who used all cash to pay for them (i.e., did not take out
Inputs to residential construction, goods less food and energy, fell 0.09% over the month according to the most recent producer price index (PPI) report published by the U.S. Bureau of