Eye On Housing
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Joshua J. Miller, Ph.D., is a Housing Policy Economist with the National Association of Home Builders where his responsibilities include monitoring government policies relating to local economic development, impact fees, and energy policies. Dr. Miller conducts statistical and economic research on various homebuilding regulation and housing policy topics, including the economic impact of home building. His areas of responsibility include state and local finances, housing finance, and homeownership issues. Prior to joining NAHB, Dr. Miller was a research assistant at the University of Illinois – Institute of Government & Public Affairs. He has a Ph.D. in Economics from the University of Illinois at Chicago.
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Gasoline Prices Down 21% for the Year
The consumer price index fell for the second consecutive month due to a large decrease in the price of gasoline. On a seasonally adjusted month-over-month basis the consumer price index fell 0.4%. Over the past twelve months, prices on expenditures made by urban consumers increased just 0.8% before seasonal adjustments. The falling price of gasoline is positive for consumers in… Read More ›
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Emergency and Disaster Preparedness of U.S. Households
A disaster can occur at any time and without much warning. To gain a better understanding of the emergency preparedness of U.S. households, HUD and the Census Bureau for the first time included a special set of questions on the topic in the 2013 American Housing Survey (AHS). The special set of questions broadly covered topics that explored household readiness… Read More ›
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Falling Gas Prices Push CPI Down for the Month
The consumer price index was pushed down in November by falling gas prices. According to the latest release from the Bureau of Labor Statistics (BLS) the consumer price index declined 0.3% on a seasonally adjusted month-over-month basis. Over the past twelve months, prices on expenditures made by urban consumers increased 1.3% before seasonal adjustments. In November, the energy price index… Read More ›
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Home Equity Grows During the Third Quarter
According to NAHB tabulations of the third quarter Federal Reserve Flow of Funds, the real estate equity position of U.S. households (the difference between assets and liabilities) increased nearly 1.6% for the quarter. The market value of real estate held by U.S. households increased $180 billion dollars during the quarter, while liabilities (home mortgages) remained virtually unchanged. The value household-owned… Read More ›
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All Three Components of Home Construction Spending Post Gains
NAHB analysis of total private residential construction spending Census data finds that all three components increased in October. Single-family spending increased 1.8%, multifamily spending increased 1.0% and home improvement spending increased 0.6% from revised September estimates. Total private residential construction spending (all three components combined) increased from the revised September estimate to a seasonally adjusted annual rate of $353.8 billion…. Read More ›
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Why are Housing Sector Statistics Seasonally Adjusted?
As sure as foliage changes color in the fall and snow falls in the winter, economics statistics experience predictable changes during the year. To take these predictable changes into account, statistics are often seasonally adjusted. In seasonally adjusting economics statistics, analysts are better able to compare from one period to the next and better able to identify trends outside the… Read More ›
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Energy Prices Continue to Fall
The Bureau of Labor Statistics (BLS) reported that in October that the consumer price index was unchanged on a seasonally adjusted month-over-month basis. Over the past twelve months, prices on expenditures made by urban consumers increased 1.7% before seasonal adjustments. The relatively modest growth over the last twelve months in the broader measure of consumer prices masks greater volatility in… Read More ›
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Single-Family Construction Spending Posts Monthly Increase
Total private residential spending increased over the revised August estimate to a seasonally adjusted annual rate of $349.1 billion. The September month-over-month increase of 0.4% was driven by a solid month-over-month increase in the single-family component of private residential construction. Single-family spending increased 1.1% over the revised August estimates. Multifamily spending decreased 1.0% while home improvements spending fell 0.3% over the… Read More ›
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Homeownership Rate Nears 20 Year Low
The seasonally adjusted homeownership rate, according to Census Bureau’s quarterly survey, was 64.3% in the third quarter of 2014, down from the prior quarter and the reading from one year ago. The homeownership rate remains below the historical 20-year average of 66.9% and has not been this low since the fourth quarter of 1994 when the homeownership rate was 64.1%…. Read More ›
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Rents Outpace Growth in Consumer Prices
The Bureau of Labor Statistics (BLS) reported that the prices on expenditures made by urban consumers increased over the last twelve months by 1.7% before seasonal adjustments. Consumer prices increased in September by 0.1% on a seasonally adjusted month-over-month basis. Modest and consistent gains in the consumer price index (CPI) mask greater volatility in energy, food, and shelter prices. The… Read More ›