Eye On Housing
Author Archives
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Minority Homeownership Rate Jumps in First Quarter
Data released by the Census Bureau’s Housing Vacancies and Homeownership survey (CPS/HVS) show that the minority homeownership rate increased to 49.3 percent in the first quarter of 2020, up 2.2 percentage points from the first quarter of 2019 (Figure 1). This is the highest it has been since the first quarter of 2010 (49.5 percent). The year-over-year gain in the… Read More ›
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Absorption Rate for Apartments Remained Stable in Q3 2019
Data from the U.S. Census Bureau’s Survey of Market Absorption (SOMA) show that the absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) remained essentially flat at 58 percent in the third quarter of 2019 (from 57 percent in the third quarter of 2018) (Figure 1). The number of apartments completed in… Read More ›
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Builder Confidence in the 55+ Housing Market Drops Significantly in First Quarter on Coronavirus Pandemic
Builder confidence in the single-family 55+ housing market sank 30 points to 38 in the first quarter of 2020, according to the National Association of Home Builders’ 55+ Housing Market Index (55+HMI) (Figure 1). This is the lowest reading since the fourth quarter of 2012. The 55+HMI survey produces two indices, one measuring the 55+ single-family market and another for… Read More ›
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New Index for Remodeling Activity Debuts in Q1 2020
The National Association of Home Builders’ (NAHB) redesigned the Remodeling Market Index (RMI) in the first quarter of 2020 in order to ease respondent burden and improve its ability to interpret and track industry trends. The first reading for this new RMI series was 48. The RMI survey now asks remodelers to rate five components of the remodeling market as… Read More ›
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“Real” Rent Index Growth Accelerates in March as Core CPI Declines
In March, the real rent index increased 0.4 percent over February’s reading, after growing by approximately 0.1 percent per month for the previous 6 months (Figure 1). The annual growth rate of the real rent index grew to 5 percent in March, after 3 months of staying in the 1 percent range. NAHB constructs a “real” rent index to indicate… Read More ›
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Multifamily Builder and Developer Confidence Unchanged in Fourth Quarter
Confidence in the market for new multifamily housing remained unchanged in the fourth quarter of 2019, according to results from the National Association of Home Builders’ Multifamily Market Survey (MMS). The MMS produces two separate indices: The Multifamily Production Index (MPI) which remained even at 49 (Figure 1), and the Multifamily Vacancy Index (MVI) which also remained unchanged at 40… Read More ›
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Cost of Constructing a Home in 2019
The NAHB recently published its latest Cost of Construction Survey. Results show that 61.1% of the average home sale price consisted of construction costs in 2019, up from 55.6% in 2017, but similar to the 2013 and 2015 breakdowns of 61.7% and 61.8%, respectively. The finished lot cost was the second largest cost at 18.5% of the sales price, down from… Read More ›
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Minority Homeownership Rate Posts a Year-End Gain
The minority homeownership rate increased to 48.6 percent in the fourth quarter of 2019, up 0.8 percentage points from the fourth quarter of 2018, according to a new data release from the Census Bureau’s Housing Vacancies and Homeownership survey (CPS/HVS) (Figure 1). This is the highest it has been since the third quarter of 2011 (48.9 percent). This year-over-year gain… Read More ›
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Builder Confidence in the 55+ Housing Market Drops Slightly in Fourth Quarter
Builder confidence in the single-family 55+ housing market dropped four points to 68 in the fourth quarter of 2019, according to the National Association of Home Builders (NAHB) (Figure 1). The index is still well above its breakeven point of 50, indicating that more builders view conditions as good than poor. The fourth-quarter index is also consistent with the gradual… Read More ›
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Remodelers’ Confidence Increases in Fourth Quarter of 2019
The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 58 in the fourth quarter of 2019, up three points from the previous quarter (Figure 1). The RMI has been consistently above 50—indicating that more remodelers report market activity is higher compared to the prior quarter than report it is lower—since the second quarter of… Read More ›