Eye On Housing
Author Archives
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Sale and Contract Prices per Square Foot in 2019
According to NAHB’s analysis of the 2019 Survey of Construction data, the highest median square foot sale and contract prices are registered in the West and Northeast. The most economical custom and for-sale homes are started in the South region, where the median contract and sale prices per square foot are consistently below the national medians. Looking at single-family for-sale… Read More ›
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Highest Paid Occupations in Construction in 2019
According to the 2019 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 $49,030 and the top 25% make at least $68,690. In comparison, the U.S. median wage is $39,810, while the top quartile (top 25%) makes at least $64,240…. Read More ›
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Lot Values Down in 2019
According to NAHB’s analysis of the Census Bureau’s Survey of Construction (SOC) data, median single-family lot prices came down in 2019, breaking their relentless climb for the first time since 2013. The 2019 median lot price was $45,000, which amounts to a 9% decline since 2018, when half of the lots were selling at or above $49,500. The West divisions… Read More ›
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Lot Size Hits New Record Low in 2019
For the first time since the Census Bureau started tracking lot sizes for new single-family detached homes, the median lot size for homes sold in 2019 dropped to 8,177 square feet, or 0.188 of an acre. This represents a solid drop of 390 square feet since 2018 and a new record low. The shrinking median lot size largely reflects the… Read More ›
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New Homes Account for 3.7% of the US Energy Consumption
The residential sector, including single-family, multifamily, and manufactured housing, accounts for about 21.2% of the US energy consumption, according to the 2020 Energy Information Administration’s (EIA) Annual Energy Review. New homes built since 2000 account for just 3.7% of the total energy consumed in the U.S., according to NAHB’s analysis of the 2015 Residential Energy Consumption Survey (RECS) data from… Read More ›
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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 ›