The U.S. homeownership rate was 65.6% in the second quarter of 2024, unchanged from the first quarter of 2024, according to the Census’s Housing Vacancies and Homeownership Survey (HVS). However,
Nationwide, the share of non-conventional financing for new home sales accounted for 32.4% of the market per NAHB analysis of the 2023 Census Bureau Survey of Construction (SOC) data. This
Home prices experienced a third year-over-year deceleration in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. On a year-over-year basis, the non-seasonally adjusted (NSA) index posted
Due to slowing home construction and elevated interest rates, the count of open construction sector jobs shifted lower in June, per the Bureau of Labor Statistics’ Job Openings and Labor Turnover
Private fixed investment in student dormitories declined 5% to a seasonally adjusted annual rate (SAAR) of $3.7 billion in the second quarter of 2024, after a 2.8% decrease in the
Personal income inched up 0.2% in June, down from a 0.4% increase in the prior month, according to the most recent data release from the Bureau of Economic Analysis (BEA).
The number of homes started in 2023 exceeding 5,000 square feet, dropped to 26,000, a decrease from 29,000 in 2022, according to the annual data from the Census Bureau’s Survey of
All-cash purchases accounted for 6.9% of new home sales in the second quarter of 2024, the lowest level since the fourth quarter of 2021, revealed by NAHB analysis of the
Housing’s share of the economy stayed level at 16.1% in the second quarter of 2024. The share remained above 16% after staying constant at 15.9% for all of 2023. The
In the second quarter of 2024, the U.S. economy grew twice as fast as it did in the first quarter, supported by consumer spending and private inventory investment. Furthermore, the
The production index for sawmills and wood preservation industries fell at the start of 2024 to 91.9 in the first quarter (the index measures real output during 2017 at a
New home sales fell to the lowest level since November 2023, as elevated mortgage rates continued to keep buyers on hold. Sales of newly built, single-family homes in June fell
Existing home sales fell for the fourth straight month in June due to lingering high mortgage rates and record-high prices, according to the National Association of Realtors (NAR). Although low
Stucco was the most common principal siding material for new single-family homes started in 2023 at 26.8%, according to the annual data from the Census Bureau’s Survey of Construction (SOC). Stucco was followed by vinyl siding at
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the second quarter of 2024 posted a reading of 65, down one point compared to the previous quarter. The RMI remains solidly
The top ten builders accounted for 42.2% of all new single-family home closings in 2023, down 1.3 percentage points from 2022 (43.5%). This is the second highest share captured by
Elevated interest rates for home mortgages and construction and development loans kept single-family production and demand in check during June. Overall housing starts increased 3.0% in June to a seasonally
Mortgage rates that averaged 6.92% in June per Freddie Mac, along with elevated rates for construction and development loans, continue to put a damper on builder sentiment. Builder confidence in