Eye On Housing
Author Archives
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Southwest Led GDP Growth in the First Quarter of 2019
Real gross domestic product (GDP) increased in all 50 states and the District of Columbia, in the first quarter 2019 compared to the last quarter of 2018. U.S. Bureau of Economic Analysis reported the real GDP growth rates, measured on a seasonally adjusted annual rate basis, ranged from 5.2% in West Virginia to 1.2% in Hawaii. Nationwide, real GDP growth increased… Read More ›
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Housing Affordability Causes Ongoing Challenges in New Home Sales in June
Contracts for new, single-family home sales increased in June by 7.0% to a 646,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. The increase came off a downwardly revised May estimate, which was decreased from an initial reading of 626,000 to a new estimate of 604,000. Year-over-year, the June estimate is 4.5% higher compared to… Read More ›
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California Leads Job Gains in June
Total nonfarm employment, seasonally adjusted (SA) increased by 2.3 million jobs, year-over-year (YoY), or 1.5% from June 2018 to June 2019. During this time, total nonfarm employment in the Western region increased by 2.0%. The South, Northeast, and Midwest recorded gains at 1.7%, 0.9% and 0.8% respectively, during this time. According to the Bureau of Labor Statistics, nonfarm payroll employment… Read More ›
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Single-Family Permit Decline Continued in May
Over the first five months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 342,116. On a year-over-year (YoY) basis, this is a 5.8% decline over the May 2018 level of 363,327. Year-to-date ending in May, single-family permits reported declines in all four regions. The Midwest, West, South, and the Northeast declined by 10.6%, 11.0%, 2.8%,… Read More ›
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30-Year Mortgage Rate Continues to Decline
For the fifth straight month, information compiled by Freddie Mac shows that mortgage rates continued to fall. As of May 2019, the 30-year FRM – Commitment rate, fell by seven basis points to 4.07 percent from 4.14 percent in April. The cycle peak was 4.87 percent in November. According to the June 2019 Federal Open Market Committee meeting statement, the… Read More ›
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Texas Leads Job Gains in May
Total nonfarm employment, seasonally adjusted (SA) increased by 2.4 million jobs, year-over-year (YoY), or 1.6% from May 2018 to May 2019. During this time, total nonfarm employment in the Western region increased by 2.0%. The South, Northeast, and Midwest recorded gains at 1.6%, 0.9% and 0.8% respectively, during this time. According to the Bureau of Labor Statistics, nonfarm payroll employment… Read More ›
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Housing Starts Relatively Flat in May
Total housing starts posted a 0.9 percent decrease in May (1.269 million units) compared to an upwardly revised April estimate of 1.281 million units, according to the joint data release from the Census Bureau and HUD. Relative to May 2018, total starts are 4.7 percent below the annual pace of 1.332 million units. Single-family production in May posted a monthly… Read More ›
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Single-Family Permit Continues To Be Weak in April
Over the first four months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 261,119. On a year-over-year (YoY) basis, this is a 6.5% decline over the April 2018 level of 279,302. Year-to-date ending in April, single-family permits reported growth only in the Northeast region of the country. The South, Midwest, and the West regions declined… Read More ›
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Housing and the Agriculture Industry in the Midwest
Housing markets in the Midwest have experienced weakness in recent quarters. For example, single-family permits posted a 3.6% decline in year-to-date data when comparing December 2018 level with December 2017 in the Midwest. Single-family permitting for the first four months of 2019 are down 11.3% in the Midwest when compared to the opening months of 2018. As of April, new… Read More ›
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30-Year Mortgage Rate at Recent Lows
For the fifth straight month, information compiled by Freddie Mac shows that mortgage rates continued to fall. As of April 2019, the 30-year FRM – Commitment rate, fell by thirteen basis points to 4.14 percent from 4.27 percent in March. The cycle peak was 4.87 percent in November. The Federal Housing Finance Agency reported that the contract rate for newly-built… Read More ›