National home prices continued to increase, hitting a new all-time high in December. Despite high mortgage rates, limited inventory and strong demand continued to push up home prices. Locally, six
Homeownership provides a wide range of benefits to households. In addition to providing households with a stable place to live, homeownership also offers an opportunity for households to accumulate assets
The U.S. economy entered the new year with a strong gain in payroll employment and an unchanged unemployment rate. Job gains in November and December were much stronger than initially
The U.S. economy grew at a surprisingly strong pace in the fourth quarter, mainly fueled by resilient consumer spending. However, the fourth quarter data from the GDP report suggests that
The year-over-year (YOY) growth rate for residential building worker wages decelerated to 0.6% in June 2023. Over the past five months, wage growth accelerated moderately and reached 4.0% in November.
December’s jobs report concludes another solid year of job hiring in 2023. In December, total nonfarm payroll employment increased by 216,000, and the unemployment rate held steady at 3.7% for
In November, total nonfarm payroll employment increased by 199,000 and the unemployment rate declined to 3.7%, from 3.9% in October. The labor market continues to moderate. The Fed held interest
National home prices continued to increase in September. Despite rising mortgage rates, limited inventory and solid but weakened demand provided solid support for home prices. Locally, all of 20 metro
Job growth decelerated in October. Total nonfarm payroll employment increased by 150,000 and the unemployment rate edged up to 3.9% in October from 3.8%. The labor market is cooling. The
NAHB tabulation of data from the Survey of Construction (SOC) indicates shares of new single-family homes built with private wells and individual septic systems increased in 2022, compared with the
The U.S. economy had remarkable growth in the third quarter of 2023, fueled by consumer spending. The GDP price index rose 3.5% for the third quarter, up from a 1.7%
After more than a year of strong gains, average hourly earnings for residential building workers* increased at a relatively slower pace in the past few months. Wage growth has retreated
Job growth remained solid in September as the Fed fights against inflation. In fact, the recent jobs data has been stronger than most economists expected and is a reminder that
The recent employment data indicates that the labor market is cooling gradually due to rising interest rates. Total employment increased by 187,000 and the unemployment rate rose to 3.8% from
According to NAHB analysis of the Survey of Construction (SOC), new single-family starts decreased in 2022. Nationally, 1,018,495 new single-family units started construction in 2022, 10% fewer than the number
In June, national home prices continued to increase. Limited inventory and solid but weakened demand put upward pressure on home prices, despite rising mortgage rates. Locally, all 20 metro areas,
Wood framing remains the most dominant construction method for single-family homes in the U.S., according to NAHB analysis of 2022 Census Bureau data. For 2022 completions, 94% of new homes
The residential remodeling market has grown rapidly in the past few years, mainly fueled by changes in housing and lifestyle decisions during the pandemic period. According to National Income and