During the second quarter of 2024, the volume of total outstanding acquisition, development and construction (AD&C) loans posted the largest year-over-year percentage decline since 2012, as interest rates remain elevated before the beginning of the Fed cutting short-term interest rates in September. AD&C loan conditions will improve as the Fed progresses in its policy easing…
We’re excited to introduce a new way for you to stay informed about the latest trends in housing and construction economics: our Eye on Housing Highlights video series! For each edition, we will highlight top research topics including construction statistics, housing affordability, policy research, NAHB surveys, macroeconomics, financial indicators and more. You can find these…
Over the first eight months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 685,923. On a year-over-year (YoY) basis, this is an increase of 11.5% over the August 2023 level of 615,453. Year-to-date ending in August, single-family permits were up in all four regions. The range of permit increases spanned…
In 2023, 64.8% of all new single-family homes started were built within a community or homeowner’s association. This share increased from the 62.6% recorded in 2022, according to data tabulated from the Census Bureau’s Survey of Construction (SOC). This marks the third highest share since the beginning of the series in 2009, after the high…
Nationally, across the 86 million owner-occupied homes in the U.S., the average annual real estate taxes paid in 2023 was $4,112, according to NAHB analysis of the 2023 American Community Survey. Homeowners in New Jersey continued to pay the highest real estate taxes, paying an average of $9,572, 30.6% higher than the second highest, New…
Prices for inputs to new residential construction—excluding capital investment, labor, and imports—decreased 0.6% in September according to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics. Compared to a year ago, this index was down 0.1% in September after an increase of 1.0% in August. The inputs to…
Residential improvement spending softened in 2023 due to elevated interest rates, high inflation, and sluggish home sales. According to the Bureau of Economic Analysis’ National Income and Product Accounts (NIPA), expenditures for residential home improvements rose 2% to $363 billion in 2023, from $356 billion in 2022. The 2% year-over-year (YOY) gain in 2023 marks…
