Eye On Housing
Author Archives
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Gains for Single-Family Built-for-Rent Ahead?
Counter to expectations, the number of single-family homes built-for-rent (SFBFR) construction starts posted a year-over-year decline for the first quarter of 2021. The SFBFR market is a way to add single-family inventory amid concerns over housing affordability and downpayment requirements in the for-sale market, particularly during a period when people want more space and a single-family structure. Single-family built-for-rent construction… Read More ›
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Growth for Townhouse Construction
According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction continued at a strong pace in the first quarter of 2021. This followed the best quarter for townhouse construction in 2.5 years at the end of 2020. As housing demand has shifted to more suburban and exurban areas and housing affordability… Read More ›
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Construction Cools as Costs Climb
Housing production declined in April due to rising prices and limited availability of lumber and other building materials. Overall housing starts decreased 9.5% to a seasonally adjusted annual rate of 1.57 million units, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Nonetheless, the prior March pace (1.73 million annualized) was the… Read More ›
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HMI: Building Materials Top Housing Concerns
Builder confidence held stable in May, despite growing concerns over the price and availability of most building materials, including lumber. The latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) shows that builder confidence in the market for newly built single-family homes is 83 in May, unchanged from April. Builder confidence in the market remains strong due… Read More ›
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Jump for Open Construction Sector Jobs in March
Job openings in construction increased in March to 344,000 unfilled positions, according to data from the BLS Job Openings and Labor Turnover Survey (JOLTS). The housing market remains hot and requires additional labor, lots and lumber and building materials to add inventory. Overall, hiring in the construction sector increased in March, rising to a 6% rate. The peak rate of… Read More ›
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Housing Share of GDP: 17.6% at Start of 2021
Thanks to a surge in residential investment during 2020, housing’s share of GDP has returned and remains near historic norms. Last year’s market conditions involved a renewed focus on the importance of home, an evolving geography of housing demand, and a lack of for-sale inventory. Housing should continue to expand in 2021. For the first quarter of 2021, overall GDP growth continued… Read More ›
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Housing Starts Spring Forward in March
Housing production jumped in March despite rising lumber and other material prices affecting the housing industry. Overall housing starts increased 19.4% percent to a seasonally adjusted annual rate of 1.74 million units, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This was the fastest pace for combined single-family and multifamily construction… Read More ›
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Builder Confidence Edges Up as Strong Demand Offsets Supply-Side Challenges
Strong buyer demand pushed builder confidence up in April even as builders continued to grapple with rising lumber prices and supply chain issues and consumers faced higher home prices due to a lack inventory. The latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) shows that builder confidence in the market for newly built single-family homes rose… Read More ›
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Construction Job Openings Fall Back in February
Job openings in construction declined in February to 266,000 unfilled positions, according to data from the BLS Job Openings and Labor Turnover Survey (JOLTS). Hiring appeared to gain steam in February, although this was perhaps just statistical noise for the monthly data. However, March payroll employment numbers indicate strength ahead for the JOLTS construction data. Overall, hiring in the construction… Read More ›
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New Home Sales Decline in February
After a slight rebound in December and January, the slowing of the pace of new single-family home sales continued in February as a combination of broader affordability challenges – higher rates and more costly materials – and storm effects reduced the volume of purchases. New single-family home sales declined 18% in February to a 775,000 seasonally adjusted annual rate, according… Read More ›