Eye On Housing
Author Archives
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Freddie Mac Identifies 1.4 Million ADUs
Using the 1997-2019 Multiple Listing Service (MLS) transactions data, new Freddie Mac’s study identified 1.4 million properties with Accessory Dwelling Units (ADUs) in the United States. The study showed that first-time listings with ADUs grew most rapidly during the last decade, averaging 8.6% per year. The expansion of listings with ADUs was fastest in high-cost fast-growing areas in the South… Read More ›
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Most Vulnerable Housing Markets
Analysis of the American Community Survey (ACS) suggests that renters and young adults under the age of 34 are likely to face higher prolonged unemployment risks as a result of the coronavirus pandemic hitting the labor market. The labor market risks are also uneven across states, with state economies heavily reliant on leisure, entertainment, retail and personal services being most… Read More ›
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Young Adults Headship Trends Reversed Pre-Coronavirus
For the first time in decades, headship rates of young adults ages 25-34 increased in 2018. This was a hopeful indicator that the troublesome trend of rising shares of young adults living with parents, relatives or sharing house with roommates finally reversed. Whether the trend reversal can be sustained through and post the coronavirus outbreak depends on the duration and… Read More ›
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What States are Most Reliant on Immigrant Construction Workers
Earlier this month, we published a post highlighting a high and rising reliance of construction on immigrant workers. Foreign-born workers now account for almost a quarter of workers in the construction industry, and close to 30% of construction tradesmen. In some states, reliance on foreign-born labor is even more pronounced. Immigrants comprise close to 40% of the construction workforce in… Read More ›
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Slower Construction Immigration Inflow Keeps the Immigrant Share Steady
New NAHB research shows that despite the slowing of immigration inflow, the share of foreign-born workers in the US construction labor force remain at record high levels but showed no growth in 2017 and 2018. Immigrant workers now account for close to one in four workers in construction. The share of immigrants is even higher in construction trades, reaching 30%…. Read More ›
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Sale and Contract Prices per Square Foot in 2018
Looking at single-family homes started in 2018, the median prices per square foot, excluding improved lot values, range from $154 for contractor-built homes in New England to $89 for homes built for sale in the East South Central division. While the median sale and contract prices per square foot are up across most of the nation, some of the most… Read More ›
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Lot Values Hit Record Highs
According to NAHB’s analysis of the Census Bureau’s Survey of Construction (SOC) data, median single-family lot prices outpaced inflation once again (4.4% vs 2.4%) and reached new record high in 2018, with half of the lots selling at or above $49,500. The most dramatic rise in lot values is observed in the West South Central division where median lot values… Read More ›
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Lot Size Remains Low in 2018
The median lot size of a new single-family detached home sold in 2018 stands at 8,567 square feet, or just under one-fifth of an acre. This is just 7 square feet larger but statistically not different from the 2017 median. In 2015, the median lot size fell under 8,600 square feet for the first time since Census Bureau’s Survey of… Read More ›
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Highest Paid Occupations in Construction in 2018
According to the 2018 Bureau of Labor Statistics Occupational Employment Statistics (OES) Survey data and analysis by the National Association of Home Builders (NAHB), half of payroll workers in construction earn more than $47,290 and the top 25% make at least $66,290. In comparison, the U.S. median wage is $38,640, while the top quartile (top 25%) makes at least $62,510…. Read More ›
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Record Low Birth Rates Suppress Housing Demand
According to the latest provisional birth report from the Center for Disease Control and Prevention (CDC), the US birth rate fell to its lowest level in 32 years with only 3,788,235 births recorded in 2018. This is 2% down from 2017 and the fourth consecutive annual decline. Birth rates declined for all age groups of women under 35 and only… Read More ›