Author Archives

  • March Gains for Private Residential Spending

    NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 1.7% in March to a seasonally adjusted annual rate of $725.3 billion. Total private residential construction spending was 23.3% higher than a year ago. The monthly gains are largely attributed to the strong growth of spending on single-family and improvements. Single-family construction spending rose to… Read More ›

  • Personal Income Up by Record 21.1% in March

    The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income growth roared by 21.1% in in March, the biggest monthly gain on record. It stood at a seasonally adjusted annual rate (SAAR) of $24,207.7 billion. The gains in personal income were largely due to the American Rescue Plan Act, which includes $4,044 billion in… Read More ›

  • First Quarter of 2021 Homeownership Rate at 65.6%

    The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate dipped to 65.6% in the first quarter of 2021. The national homeowner vacancy rate declined to a record low of 0.9%, while the rental vacancy rate increased to 6.8%. The data collections were still affected by the pandemic, although to a much less degree than previous three quarters…. Read More ›

  • Minority Households Face Housing Affordability Challenges

    New NAHB analysis on housing affordability based on race and ethnicity shows a wide disparity regarding the number of households that can afford a new median priced home. At the national level, the share Black households that are able to afford the new homes is substantially lower than the share of non-Hispanic white households. Only 24% of Black households are… Read More ›

  • Private Residential Spending Dips Slightly in February

    NAHB analysis of Census Construction Spending data shows that total private residential construction spending fell 0.2% in February to a seasonally adjusted annual rate of $718 billion, after reaching a record high in January 2021. It is in line with the slow pace of housing starts in February and recent softening of the NAHB/Wells Fargo Housing Market Index. Total private… Read More ›

  • Age of Housing Stock by State

    According to the latest data from the 2019 American Community Survey (ACS), the median age of owner-occupied homes was 39 years. The age of the housing stock is an important remodeling market indicator. Older houses are less energy-efficient than new construction and ultimately will require remodeling and renovation in the future. Moreover, as people use their homes for more purposes… Read More ›

  • Households Priced Out by Higher Interest Rates

    New NAHB 2021 Priced-Out Estimates showed that 75.1 million households are not able to afford a median priced new home, and that an additional 153,967 would be priced out if the price of a home goes up by $1,000. A second post presented the housing affordability pyramid, showing how many households have sufficient income to afford homes at various price… Read More ›

  • Pyramid Shows 21.1 Million Households Cannot Afford a $100,000 Home

    As described in a previous post, NAHB’s recently released its 2021 Priced-Out Estimates, showing that 75.1 million households are not able to afford a median priced new home, and that an additional 153,967 would be priced out if the price goes up by $1,000. This post focuses on the related U.S. housing affordability pyramid, showing how many households have enough… Read More ›

  • Private Residential Spending Hits Record High

    NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 2.5% in January to a seasonally adjusted annual rate of $713 billion, reaching a record high. Total private residential construction spending was 21% higher than a year ago. The monthly gains are largely attributed to the strong growth of spending on single-family and improvements. Single-family… Read More ›

  • NAHB 2021 “Priced Out” Estimates

    NAHB recently released its 2021 priced out estimates. The new estimates show that 75.1 million households (roughly 60 percent of all U.S. households) are not able to afford a median priced new home in 2021, in that their incomes are insufficient to qualify for a mortgage under standard underwriting criteria. If the median new home price goes up by $1,000,… Read More ›