Eye On Housing
Author Archives
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Housing Production Stumbles
Housing starts fell 17% to their lowest level since January 2014. The decline was across the board in building types and regions. Single-family starts were down 14.9% and multifamily starts were down 20.8%. Single-family starts were down the most in the weather sensitive Northeast (-60.7%) and Midwest (-32.4%) but were also down in the less unseasonable weather patterns of the… Read More ›
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Builders Sentiment Weakens Slightly
The March NAHB/Wells Fargo Housing Market Index dropped two points to 53 from February, the third consecutive monthly decline in the index. While softening during the winter months, the index has remained above 50 since July 2014. Furthermore, of the three components to the index, the expectations for future sales remained steady at 59 (from the downwardly revised February of… Read More ›
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Eye on the Economy: A Focus on Employment
While housing and the economy are off to a slow start at the beginning of 2015, positive developments in the labor market are a source of growing momentum, particularly for housing demand. In February, data from the Bureau of Labor Statistics (BLS) indicate that payroll employment expanded by 295,000 jobs and the unemployment rate dropped to 5.5%. It is important… Read More ›
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Eye on the Economy: A Slow Start for 2015
Housing and residential construction have gotten off to a slow start at the beginning of the year. January data have been disappointing, although current indicators continue to suggest home building will grow in the year ahead. In particular, solid job growth and historically low mortgage rates should help unleash growing pent-up demand and keep the housing market moving forward. Home… Read More ›
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Builder Confidence Slightly Lower in February
Builder confidence in the market for newly built, single-family homes in February fell two points to a level of 55 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builder sentiment remains fairly solid, with this slight downturn largely attributable to the unusually high snow levels across much of the nation. For the past eight months,… Read More ›
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Eye on the Economy: Jobs Gains Will Support Housing Demand
The end of 2014 saw an acceleration of job creation that compared favorably with the poor start to the year. Combined with the ongoing expansion of consumer confidence, these trends will help support housing demand and residential construction during 2015. The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 257,000 in January, with an additional 147,000 jobs… Read More ›
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Inching Forward
The number of US metropolitan areas that have returned to or exceeded their last normal level of housing and economic health increased to 63 (out of 351) from 60 last quarter. The NAHB/First American Leading Markets Index rose one point to .90 in the fourth quarter of 2014 from a revised .89 in the third quarter 2014. The Leading Markets… Read More ›
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Eye on the Economy: Housing Starts Top 1 Million for 2014
Total housing starts for 2014 reached the 1 million mark for the first time since 2007. Data from the Census Bureau and HUD for December, plus revisions for October and November, pushed total housing construction to a total of 1,005,800 for the year. Multifamily construction held virtually even at a 361,000 annual rate, down 0.8% from November. For the year,… Read More ›
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Housing Finishes 2014 Up
Total housing stats for 2014 topped the one million mark for the first time since 2007. Census and HUD reported December housing starts and revised estimates for October and November that pushed total construction to 1,005,800 for 2014. December levels were up 4.4% from November at 1,089,000. The late year push was led by single-family construction up 7.2% in December… Read More ›
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Builders’ Sentiment Holding Steady
Builders’ attitudes about the housing market remain nearly the same since September. The NAHB/Wells Fargo Housing Market Index starts the New Year at 57, down one point from an upwardly revised December of 58. Builders remain relatively optimistic about the current market as the component gauging current home sales remained at 62 from a one point upwardly revised value. Builders… Read More ›