Eye On Housing
Author Archives
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Lot Values Set New Records
Lot values for single-family detached housing starts in 2021 increased across the nation, with the national value and six out of nine Census division values setting new records. U.S. median lot price now stands at $55,000, according to NAHB’s analysis of the Census Bureau’s Survey of Construction (SOC) data. In New England and Pacific, lot values surged 67% and 39%,… Read More ›
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Share of Smaller Lots Record High Amid Pandemic
Despite the pandemic-triggered suburban flight and presumed shifts in preferences towards more spacious living, a rising share of new for-sale homes were built on smaller lots. According to the latest Survey of Construction (SOC), more than two thirds of new single-family detached homes sold in 2021 were built on lots smaller than one-fifth of an acre. This is the highest… Read More ›
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Headship Stabilizes During the Pandemic Housing Boom
Headship rates for all age groups have been trending lower over the last two decades, with important implications for the demand for home building. The latest Current Population Survey (CPS) Annual Social and Economic Supplement (ASEC) data show that the pandemic housing boom brought this trend to a halt, with adults ages 35-64 now registering higher headship rates than they… Read More ›
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What Do Home Buyers Buy after Moving
NAHB analysis of Consumer Expenditure Survey (CES) data from the Bureau of Labor Statistics shows that during the first year after closing on a home sale, home buyers tend to spend considerably more money on furnishings, appliances and remodeling compared to non-moving owners. Buyers of new homes spend most, spending four times as much as non-moving owners and twice as… Read More ›
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How a Home Purchase Boosts Consumer Spending
Using the Consumer Expenditure Survey (CES) data from the Bureau of Labor Statistics (BLS), NAHB Economics estimates that a home purchase triggers significant spending on appliances, furnishings, and remodeling. NAHB’s most recent estimates are based on the pre-pandemic 2017-2019 data and show that during the first year after closing on the house, a typical buyer of a newly-built single-family detached… Read More ›
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States with Highest and Fastest Rising Construction Wages
As the construction labor market remains tight and skilled labor shortages persist, wages in construction continue to rise, often outpacing and exceeding typical earnings in other industries. According to the latest Current Employment Statistics (CES) report from the Bureau of Labor Statistics (BLS), average hourly earnings (AHE) in construction vary greatly across 43 states that reported these data. Some of… Read More ›
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Building Materials Prices Rise Further
According to the latest Producer Price Index (PPI) report released today by the Bureau of Labor Statistics, the prices of goods used in residential construction ex-energy (not seasonally adjusted) climbed 1.4% in March, following an upwardly revised increase of 2.2% in February and 4.1% in January. This adds up to an 8% jump in building materials prices since the start… Read More ›
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Highest Paid Occupations in Construction in 2021
According to the latest May 2021 Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics (OEWS) and analysis by the National Association of Home Builders (NAHB), half of payroll workers in construction earn more than $49,070 and the top 25% make at least $75,820. In comparison, the U.S. median wage is $45,760, while the top quartile (top 25%) makes… Read More ›
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One in Four New Homes are Infills or Teardowns in Older Neighborhoods
According to the latest Annual Builder Practices Survey (ABPS), one in four new single-family detached homes were built in established neighborhoods in 2020. This includes 19% of new homes that were built on infill lots and 6% that involved tearing down an old building prior to building a brand new single-family detached home. These shares vary significantly across the United… Read More ›
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Lot Values Surge at Record Breaking Pace
Lot values for single-family detached homes started in 2020 surged 18%, according to NAHB’s analysis of the Census Bureau’s Survey of Construction (SOC) data. As a result, the median lot price reached a new record high of $53,000. Though an 18% jump in lot values is unprecedented, it is consistent with other significant building material price hikes and undeniable supply… Read More ›