Eye On Housing
Author Archives
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Strong Job Growth in November
Total payroll employment increased by 266,000 in November, while the unemployment rate declined to 3.5%. Residential construction employment was little changed (-500) in November, after an increase of 5,400 jobs in October (revised). Total construction industry (both residential and nonresidential) employment totaled about 7.5 million in November. The Bureau of Labor Statistics released the Employment Situation Summary for November. Total… Read More ›
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New Homes Built with Private Wells and Individual Septic Systems in 2018
NAHB Economics analysis of the Survey of Construction (SOC) data shows that about 9% of new single-family homes started in 2018 were served by individual wells and almost 16% have private septic systems. These shares, however, vary widely across the nine Census divisions with the corresponding shares reaching 31% and 37% in New England – the highest occurrence rates in… Read More ›
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Home Price Appreciation Continued in September
Compared to last month, national home prices rose at a faster annual growth rate in September. Seattle reported the highest gain while three metro areas (San Francisco, Chicago and Boston) experienced home price declines in September. The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 4.7% in… Read More ›
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Consumer Prices Rebound in October
The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.4% in October on a seasonally adjusted basis, after being unchanged in September. It was the largest monthly increase in the CPI since March 2019. Excluding the volatile food and energy components, the “core” CPI increased by 0.2% in October, following a 0.1% increase in… Read More ›
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128,000 Jobs Added in October
The October job gains suggests the job market is still showing solid gains. Total employment increased by 128,000 and the unemployment rate inched up 0.1 percentage points to 3.6%. Residential construction employment increased by 5,100 in October, after an increase of 5,500 jobs in September (revised). Total construction industry (both residential and nonresidential) employment totaled about 7.5 million in October…. Read More ›
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US Economic Growth Slows in Third Quarter
According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) expanded at an annual rate of 1.9% in the third quarter of 2019, down slightly from a 2.0% increase in the second quarter of 2019 but above NAHB’s forecast of 1.5%. This marks the 22nd consecutive quarter of growth, but the fifth… Read More ›
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Home Prices Increased in August
National home prices increased modestly in August. New York and Las Vegas experienced price declines while Phoenix led the way with a 9.1% annual growth rate in August. The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices rose at a seasonally adjusted annual growth rate of 4.2% in August, following an increase of 2.1% in July…. Read More ›
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New Home Sales Remain Solid in September
Contracts for new, single-family home sales inched down 0.7% in September to a 701,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. The decline came off a downwardly revised August estimate, which was decreased from an initial reading of 713,000 to a new estimate of 706,000. Year-over-year, the September estimate is… Read More ›
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Consumer Prices Were Unchanged in September
The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) was unchanged in September on a seasonally adjusted basis, after a 0.1% increase in August. Excluding the volatile food and energy components, the “core” CPI increased by 0.1% in September, following a 0.3% increase for three straight months (June, July and August). Over the month of September,… Read More ›
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Single-Family Starts Growth Slowed in Six Divisions
According to NAHB analysis of the Survey of Construction (SOC), nationally, there were 881,076 new single-family units started in 2018, 4% higher than the units started in 2017. It was the double of the units started in 2011, and still 49% less than the peak of 2007 (1,731,171 units). Among all the nine Census divisions, new single-family units started in… Read More ›