Eye On Housing
Author Archives
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Housing Construction Continues Forward
Permits to build new homes increased 4.1% in October to a level of 1.15 million per year. Both single-family and multifamily levels increased by 2.4% and 6.8% respectively. On a year-to-date basis, total permits are up 11.9%; single-family are up 8.6% and multifamily are up 17.2% as the housing market continues its modest pace of recovery. Housing starts were down… Read More ›
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Builders Retrench
Builders’ sentiment dropped back to levels more consistent with the second half of 2015 after an upward bounce in October. The November NAHB/Wells Fargo Housing Market Index dropped three points from an upwardly revised October level to 62. The index has been above 60 since June 2015 and remains well above the tipping point of 50 where more builders see… Read More ›
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Eye on the Economy: Interest Rate Hike in December?
***Eye on the Economy is a biweekly survey of NAHB’s economic and housing analysis from Chief Economist David Crowe. The Federal Reserve’s monetary policy committee did not increase short-term interest rates at the conclusion of its October meeting, but most analysts expect an increase in the coming months. However, recent macroeconomic data have been mixed, which may delay until next year… Read More ›
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Eye on the Economy: Builder Confidence Up in October
***Eye on the Economy is a biweekly survey of NAHB’s economic and housing analysis from Chief Economist David Crowe. Contracts for new home sales disappointed in September, after a strong August and a run of weak job numbers. According to estimates from the Census Bureau, the monthly pace of new home sales declined 11.5% from August, falling from a 529,000 seasonally… Read More ›
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Builders Build More Homes
Housing starts for the month of September rose 6.5% to an eight year high of 1.206 million units on a seasonally-adjusted annual basis. The increase was all in the multifamily sector, rising 18.3% to 466,000. Single-family starts were virtually unchanged at 740,000. This is the first month total starts passed the 1.2 million mark since October 2007. The trends in… Read More ›
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Builders Confidence Grows
The NAHB/Wells Fargo Housing Market Index for October jumped three points from a one-point downwardly revised September. The October level of 64 conforms to levels last seen as the boom began to taper in late 2005. Even with headwinds in the supply chain, builders still report increasing consumer interest in buying a home. Customers are taking advantage of low mortgage… Read More ›
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Eye on the Economy: Weak Employment Report for September
***Eye on the Economy is a biweekly survey of NAHB’s economic and housing analysis from Chief Economist David Crowe. A disappointing jobs report sounded a note a caution concerning recent labor market momentum. The Bureau of Labor Statistics reported that payroll employment expanded by only 142,000 in September, with revisions to the previous two months subtracting an additional 59,000 jobs. Residential… Read More ›
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Membership and Housing Starts
Home building is coming back even if it is a slow return. The collapse was severe; likely equal to the 1930s if we had the same detailed data then that we do now. Both single-family and multifamily construction dropped rapidly during the period 2006 to 2009 but multifamily rebounded quicker and stronger and by 2014 outperform any recent year. Single-family… Read More ›
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Eye on the Economy: New Homes Sales Continue Modest Rise
New home sales increased in August to a 552,000 seasonally adjusted annual rate, a 5.7% increase from an upwardly revised July. The August pace was the highest since February 2008. The steady, albeit modest, progression of new home sales reflects improvement for jobs and consumer confidence, with home buyers taking advantage of historically low mortgage rates. The inventory of homes… Read More ›
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New Home Sales Continue Rise
Builders continue the modest rise in new home sales as reported by HUD and the Census Bureau. August new home sales, annualized and adjusted for seasonality, increased to 552,000. The August level was up 5.7% from an upwardly revised July and represents the highest level since February 2008. The steady, albeit modest, progression of new home sales reflects the steady… Read More ›