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 in positive territory, and NAHB continues to project that remodeling activity has stabilized at a healthy level in 2024. Although some remodelers are reporting a…
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 the top ten builders since NAHB began tracking new single-family home closings in 1989. The share represents 280,958 closings out of 665,500 closings made in…
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 adjusted annual rate of 1.35 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau….
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 the market for newly built single-family homes was 42 in July, down one point from June, according to the National Association of Home Builders (NAHB)/Wells…
NAHB analysis of the Survey of Construction (SOC) shows that 72.4% of new single-family homes started in 2023 were built on slab foundations, 16.6% were built with full or partial basements, and 9.9% with crawl spaces. The share of new homes built on slabs has risen steadily from 45.8% in 2000 to 72.4% in 2023….
Inputs to residential construction, goods less food and energy, rose 0.19% in the month of June according to the most recent producer price index (PPI) report published by the U.S. Bureau of Labor Statistics. The index for inputs to residential construction, goods less food and energy, represents building materials used in residential construction. In May,…
Both overall and core inflation continued to slow in June, as a decline in gasoline prices offset the increase in shelter costs. This is another dovish signal for future monetary policy, following a significant downward revision to the job report. Despite a slowdown in the year-over-year increase, shelter costs continue to put upward pressure on…
