Eye On Housing
Recent Posts - page 2
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Private Residential Spending Dips Slightly in February
NAHB analysis of Census Construction Spending data shows that total private residential construction spending fell 0.2% in February to a seasonally adjusted annual rate of $718 billion, after reaching a record high in January 2021. It is in line with the slow pace of housing starts in February and recent softening of the NAHB/Wells Fargo Housing Market Index. Total private… Read More ›
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Residential Construction Employment Surpasses the February 2020 Level
Total payroll employment rose by 916,000 and the unemployment rate declined to 6.0% in March. The labor market is improving as many states ease business restrictions and more people are vaccinated. Residential construction employment increased by 37,000 in March, while non-residential construction added 73,100 jobs. Currently, employment in residential construction surpassed the level in February 2020, while only 64% of… Read More ›
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Home Buyers’ Preferences Shift Towards New Construction
According to the latest What Home Buyers Really Want*, 60% of home buyers would prefer a newly-built home over an existing home. In other words, all else equal, their first preference would be to purchase a new home. Looking at historical data shows a clear shift in preferences towards new construction in 2020. The share of buyers who would have… Read More ›
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Employment Situation in February: State-Level Analysis
Nonfarm payroll employment increased in 33 states in February compared to the previous month while 16 states and the District of Columbia reported job losses. Montana reported no change in employment. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 379,000 in February, following an increase of 117,000 jobs in January. On a month-over-month basis,… Read More ›
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Consumer Confidence Surges to One-Year High
After a modest increase in February, consumer confidence surged to the highest level in a year, as consumers reporting a significantly more positive view of the job market and the economic growth. However, concerns about inflation may cause consumers to temper their spending in the coming months. The Consumer Confidence Index, reported by the Conference Board, rose 19.3 points from… Read More ›
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State-Level GDP in 2020
Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia in 2020 compared to 2019 as a result of widespread economic shutdown due to COVID-19. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP ranged from 0.1 percent decline in Utah to 8.0 percent decline in Hawaii. Nationwide, growth in… Read More ›
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Age of Housing Stock by State
According to the latest data from the 2019 American Community Survey (ACS), the median age of owner-occupied homes was 39 years. The age of the housing stock is an important remodeling market indicator. Older houses are less energy-efficient than new construction and ultimately will require remodeling and renovation in the future. Moreover, as people use their homes for more purposes… Read More ›
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More Consumers Expect to Buy a House over Next 4 Months
The December Household Spending Survey, published by the New York Federal Reserve Bank, showed a modest increase in household spending over the past four months, and a surge in the median expectation for year-ahead household spending to highest level since August 2015. Only 2.2% of households bought house or apartment over the past four months, lower than the 3.8% in… Read More ›
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Outlying Suburbs Appeal to More Home Buyers
A recent NAHB study* found that COVID-19 has impacted the housing preferences of 25% of home buyers. More specifically, the survey asked about location preferences both prior to COVID-19 and now: did buyers’ preferred location change as a result of the pandemic? Results show that a segment of home buyers have in fact shifted their preference towards the outlying suburbs… Read More ›
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Apartment Absorption Declined While Completions Increased in Q3 2020
The U.S. Census Bureau’s Survey of Market Absorption (SOMA) shows that the absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) fell by 5 percentage points to 51 percent in the third quarter of 2020 (from 56 percent in the third quarter of 2019) (Figure 1). The number of apartments completed rose… Read More ›