The median age of owner-occupied homes is 40 years old, according to the latest data from the 2022 American Community Survey[1]. The U.S. owner-occupied housing stock is aging rapidly especially after the Great Recession, as the residential construction continues to fall behind in the number of new homes built. New home construction faces headwinds such…
The latest CPS/HVS data shows that the overall homeownership rate was 65.7% in the last quarter of 2023. This was 3.5 percentage points lower from the peak of 69.4% in 2004. In this post, we focus on the homeownership rates by race and ethnicity over the past decade. According to data from the Census Bureau,…
According to the data released by Bureau of Economic Analysis (BEA), private fixed investment in student dormitories inched up 1.2% to a seasonally adjusted annual rate (SAAR) of $3.96 billion in the last quarter of 2023, after a 5.5% increase in the third quarter. Private fixed investment in dorms was 10.2% higher than a year…
NAHB analysis of Census data shows that private residential construction spending rose 1.4% in December, marking three months of gains. It stood at a seasonally adjusted annual pace of $911.7 billion. The 2023 annual spending on private residential construction was $864.9 billion, 5.8% lower than the 2022 annual totals. The monthly increase in total construction…
The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate declined to 65.7% in the last quarter of 2023, amid persistently tight housing supply and elevated mortgage interest rates. This is 0.3 percentage points lower from the third quarter reading (66%). Compared to the peak of 69.2% in 2004, the homeownership rate is…
NAHB analysis of Census data shows that private residential construction spending rose 1.1% in November, after an increase of 2% in October. It stood at a seasonally adjusted annual pace of $897 billion. Total private residential construction spending is 3.7% higher compared to a year ago. The monthly increase for total construction spending is attributed…
NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 1.2% in October, after a dip in September. It stood at a seasonally adjusted annual pace of $884 billion. Total private residential construction spending is 0.7% higher compared to a year ago. This was the first year-over-year increase since December 2022….
