Permits continue the downward trend for the second month in a row. Over the first two months of 2025, the total number of single-family permits issued year-to-date (YTD) nationwide reached 147,119. On a year-over-year (YoY) basis, this is a decline of 5.2% over the February 2024 level of 155,236. For multifamily, the total number of…
The most common sources for products used in home building and remodeling are specialty retailers, lumber yards, and wholesale distributors, according to two recent NAHB surveys. The surveys include one of single-family homebuilders in the October 2024 NAHB/Wells Fargo Housing Market Index (HMI) and one of remodelers in the Q3 2024 NAHB/Westlake Royal Remodeling Market…
Prices for inputs to new residential construction—excluding capital investment, labor, and imports—were up 0.6% in March according to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics. The increase in February was revised upward to 0.7%. The Producer Price Index measures prices that domestic producers receive for their…
Inflation slowed to a 6-month low in March, largely driven by lower energy costs, especially in gasoline prices. Despite the easing, the report likely only captures part of the first wave of global tariffs announcement. The inflationary pressure from tariffs and escalating trade war continues to threaten the economic growth and complicate the Fed’s path…
Sentiment declined among remodelers in the first quarter of 2025, following a similar trend last month in single-family home builder sentiment. The NAHB/Westlake Royal Remodeling Market Index (RMI) posted a reading of 63 in the first quarter, down five points compared to the previous quarter. While this reading is still in positive territory, this is only the second time since…
Around 48% of the U.S. housing stocks dates back to the 1980s and earlier. The median age of owner-occupied homes has climbed to 41 years in 2023, up from 31 years in 2005 according to the latest data from the American Community Survey[1]. The U.S. owner-occupied housing stock has aged rapidly particularly, particularly since the…
The Market Composite Index, which measures mortgage loan application volume based on the Mortgage Bankers Association (MBA) weekly survey, rose 14.0% month-over-month on a seasonally adjusted (SA) basis, driven primarily by a surge in refinancing activity. Year-over-year, the index is up 29.2% compared to March 2024. The Purchase Index rebounded 8.3% (SA) from the previous…
