Eye On Housing
Author Archives
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Almost Even Split Between Natural Gas and Electric Heating Systems in New Homes
The Census Bureau’s Survey of Construction (SOC) provides valuable information on the characteristics of new homes started construction, such as air conditioning and heating system installations. Air Conditioning In 2021, 97 percent of new single-family homes started had a central AC system, higher than 95.4 percent in 2020. The trend, going back to 2000, shows a steady rise in the share of… Read More ›
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Consumer Confidence Rises to 5-Month High in September
Consumer confidence increased for the second straight month to the highest level since April, as solid job gains, declining gas prices and easing inflation contributed to more optimistic views of economy. However, spending plans were mixed. The purchasing intention to buy cars and major appliances increased, while the intention to buy homes fell due to the rising mortgage rates. Looking… Read More ›
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Existing Home Sales Fall for Seven Straight Month and Prices Soften
As elevated mortgage rates and higher home prices continue to price out homebuyers and reduce affordability, existing home sales declined for seven consecutive months in August, according to the National Association of Realtors (NAR). All four regions saw double-digit declines for sales from a year ago. Additionally, home price appreciation slowed for the second month after reaching a record high… Read More ›
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Inflation Remains Near 40-Year High
Consumer prices eased in August for the second-straight month as declines in energy prices offset increases in food and shelter indexes. Despite this slight improvement, inflation remains above an 8% year-over-year rate for the sixth straight month. The food index recorded its largest annual gain since May 1979 as all six major grocery store food group indexes increased. Though it… Read More ›
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Rent Price Increased for Fifth Consecutive Quarter
Data from the Survey of Market Absorption of Apartments (SOMA), produced by the Census Bureau, suggest continued improvement for the multifamily sector in the first quarter of 2022 due to strong demand and low vacancy rates. However, the decline in the number of apartment and condominium completions in the first quarter of 2022 reflects the ongoing supply chain challenges. The… Read More ›
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Existing Home Sales Fall to Two-Year Low
As elevated mortgage rates and higher home prices weighed on housing affordability, existing home sales declined for six consecutive months, according to the National Association of Realtors (NAR). All four regions saw double-digit decline in sales from a year ago. But home price appreciation has slowed as inventory increased. The median existing home prices in July was down $10,000 from… Read More ›
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Has Inflation Peaked?
Consumer prices eased slightly from a 40-year high in July as declines in energy prices offset increases in food and shelter indexes. Despite this improvement, inflation remains above an 8% rate for a fifth straight month. The food index recorded its largest annual gain since May 1979 as all six major grocery store food group indexes increased. Nonetheless, it is… Read More ›
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Existing Home Sales Fall for the Fifth Straight Month
As rising mortgage rates and higher home prices weighed on housing affordability, existing home sales declined for five consecutive months, according to the National Association of Realtors (NAR). The trend in home price appreciation continued albeit at a slower rate as supply finally showed sign of improvement. The median existing home prices in June continued to surpass $400,000, the highest… Read More ›
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June Inflation Reading the Highest since 1981
Consumer prices reached a new 40-year high in June as shelter, energy and food prices continued to surge at the fastest pace in decades. This marked the fourth straight month for inflation above an 8% rate and was the largest year-over-year gain since November 1981. Both energy and shelter index recorded their largest annual gains since April 1980 and February… Read More ›
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Share of Two or More Stories New Homes Increased in 2021
Information obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, shows that the rising trend of single-story homes reversed in 2021. The share of single-story homes decreased in 2021 and the share of two or more stories homes started was greater than one story homes. This is in line with recent NAHB analysis of new… Read More ›