Falling interest rates in the closing weeks of 2023 helped to bring buyers off the sidelines and provide a boost for new home sales. Sales of newly built, single-family homes in December increased 8.0% to a 664,000 seasonally adjusted annual rate from an upwardly revised reading in November, according to newly released data by the…
According to the January 2024 survey for the NAHB/Wells Fargo Housing Market Index, high interest rates were a significant issue for 90% of builders in 2023, and 77% expect them to be a problem in 2024. The second most widespread problem in 2023 was rising inflation in US Economy, cited by 83% of builders, with…
Nonfarm payroll employment increased in 39 states and the District of Columbia in December compared to the previous month, while 11 states saw a decrease. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 216,000 in December, following a gain of 173,000 jobs in November. On a month-over-month basis, employment…
According to the U.S. Census Bureau’s latest estimates, the U.S. resident population grew by 1,643,484 to a total population of 334,914,895. The population growth rate reached its highest level since the pandemic at 0.49%. This is just above the 2019 growth rate (0.46%), while slightly below the 2018 growth rate (0.53%). The Census Bureau reports…
Existing home sales slipped in December, ending 2023 at the lowest level since 1995, according to the National Association of Realtors (NAR). In 2023, the decline was largely attributed to worsening housing affordability and persistently low supply, exacerbated by higher interest rates. Low inventory, along with strong demand, drove the median home price to a…
Despite record high inflation rates, rising interest rates, and worsening housing affordability, young adults continued the post-pandemic trend of moving out of parental homes in 2022. The share of young adults ages 25-34 living with parents or parents-in-law declined and now stands at 19.1%, according to NAHB’s analysis of the 2022 American Community Survey (ACS)…
In a sign that lower mortgage rates continue to boost the housing market, single-family production surpassed the million mark for the second straight month in December. According to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau overall housing starts fell 4.3% in December. The seasonally adjusted annual rate…
