Eye On Housing
Author Archives
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Economic Growth Decelerates in the Third Quarter of 2021
Real GDP growth slowed to a moderate pace in the third quarter of 2021, as supply-chain disruptions continued, the cost of living rose, and 4.3 million workers quit their jobs. According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 2.0% in the third quarter of… Read More ›
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New Home Sales Post Solid Gain in September
Contracts for new, single-family home sales increased 14% to an 800,000 seasonally adjusted annual rate in September according to estimates from the joint release of the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. On a year-over-year basis, the September estimate was 18% lower than a year ago, when an unsustainable rebound took hold in… Read More ›
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Consumer Prices Rise in September
Inflation accelerated in September, as prices for food and shelter showed notable gains. Federal Reserve officials described the current inflation run as “transitory”, and attributed recent increases largely to supply-chain constraints and a surge in consumer demand as the economy reopened. And they expected “inflation pressures to ease as the effect of these transitory factors dissipated.” The Bureau of Labor… Read More ›
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Job Gains Slow Sharply in September
Job gains slowed for the second straight month amid the resurgence of COVID-19 cases. Total payroll employment rose by 194,000 in September and the unemployment rate dropped to 4.8%. For the coming months, job gains are expected to accelerate as COVID-19 cases began to subside. Despite the slowdown in total nonfarm payroll employment, aggregate construction industry (both residential and non-residential)… Read More ›
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CPI Growth Slows in August
In August, consumer prices increased at its slowest pace since February 2021. Prices for several travel-related categories declined in August, as the delta variant spreads. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.3% in August on a seasonally adjusted basis, following an increase of 0.5% in July. Excluding the volatile food and… Read More ›
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Job Gains Slow in August Amid Delta Variant Surge
Total payroll employment rose by 235,000 in August, marking a significant slowdown from the previous month. Meanwhile, the unemployment rate dropped to 5.2% in August, the lowest point during the pandemic. In August, residential construction employment rose by 17,400, while non-residential construction lost 20,300 positions, reflecting declines in builders (-2,800), nonresidential specialty trade contractors (-9,200) and heavy and civil engineering… Read More ›
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Annual Home Price Gains Hit Record High in June
In June, national home prices continued to rise at a fast and unsustainable rate. Strong demand and low housing inventory have been driving home prices at double-digit growths for eleven months. All 20 metro areas reported home price increases in June, while 12 of them had an acceleration in home price growth. The S&P CoreLogic Case-Shiller U.S. National Home Price… Read More ›
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New Homes Built with Private Wells and Individual Septic Systems in 2020
According to NAHB Economics analysis of the Survey of Construction (SOC) data, almost 9% of new single-family homes started in 2020 are served by individual wells and 15% have private septic systems. These shares, however, vary widely across the nine Census divisions with the corresponding shares reaching 36% and 42% in New England – the highest occurrence rates in the… Read More ›
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CPI Growth Slows in July
Headline inflation and core inflation slowed in July after hitting a 13-year high in June. As the economy reopens, supply-chain disruptions and rebounding demand for certain services and products, such as travel-related services, pushed up consumer prices. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.5% in July on a seasonally adjusted basis,… Read More ›
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Job Gains Accelerate in July
In July, U.S. job growth experienced a solid gain. Total payroll employment rose by 943,000 and the unemployment rate dropped sharply to 5.4%. The July data shows additional growth momentum at the beginning of the second half of the year. In the coming months, the surge of the Delta variant could affect the labor market as Covid-19 restrictions tighten to… Read More ›