Data obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, show that the rising trend of two or more stories homes continued in 2022. Although the overall share remained virtually unchanged, the share of two or more stories homes started construction was greater than one story homes in 2022. Nationwide,…
After two consecutive monthly declines, existing home sales saw a modest increase in May as mortgage rates were relatively steady in April, according to the National Association of Realtors (NAR). However, elevated mortgage rates and limited inventory continued to weight on homebuyers. Low resale inventory and strong demand have contributed to the recent increases in…
Consumer confidence in June rose to its highest level in 17 months as recession concerns eased. However, spending plans were mixed. Vacation intentions continued to improve, while the intention to buy homes and big-ticket appliances cooled further due to elevated mortgage rates. This shift in consumer preference from goods to services is likely to continue…
Consumer prices in May saw the smallest year-over-year gain since March 2021, mainly driven by lower energy prices. This marked the eleventh consecutive month of deceleration. While this measure aligned with expectations, core inflation remained persistent due to the increase in rent prices. The shelter index (housing inflation) continued to be the largest contributor to…
Existing home sales fell to three-month low in April as limited inventory and fluctuating mortgage rates continued to weight on homebuyers, according to the National Association of Realtors (NAR). With inflation continuing to ease and rent growth expected to slow, existing home sales will rebound, despite the recent declines. Total existing home sales, including single-family…
Consumer prices in April saw the smallest year-over-year gain since April 2021. This marked the tenth consecutive month of deceleration and the first time the rate has fallen below 5% in two years. While the shelter index (housing inflation) experienced its smallest monthly gain since January 2022, it continued to be the largest contributor to…
