State & local tax revenue from property taxes paid reached $203.9 billion in the third quarter of 2024 (seasonally adjusted), according to the Census Bureau’s quarterly summary of state & local tax revenue. This marks a 2.8% increase from the revised $198.3 billion in the second quarter of 2024 and also marks the first quarter where…
Builder sentiment held steady to end the year as high home prices and mortgage rates offset renewed hope about a better regulatory business climate in 2025. Along those lines, builders expressed increased optimism for higher sales expectations in the next months. Builder confidence in the market for newly built single-family homes was 46 in December,…
Over the first ten months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 846,446. On a year-over-year (YoY) basis, this is an increase of 9.4% over the October 2023 level of 773,526. Year-to-date ending in October, single-family permits were up in all four regions. The range of permit increases spanned…
The U.S. trade deficit in goods was at $112 billion in the month of October, according to the Census Bureau’s Foreign Trade data. Compared to last year, the level has increased 13.3%, rising from $99 billion. Total goods imported was valued at $289 billion while the exports were valued at $177 billion in October. The…
The Market Composite Index, a measure of mortgage loan application volume by the Mortgage Bankers Association’s (MBA) weekly survey, decreased 14.5%, month-over-month, in November on a seasonally adjusted (SA) basis. The slowdown in mortgage activity can be attributed to higher mortgage rates as the ten-year Treasury yield increased in November, reflecting uncertainties surrounding the elections….
NAHB estimates that $184 billion worth of goods were used in the construction of both new multifamily and single-family housing in 2023. Additionally, we estimate that $13 billon of those goods were imported from outside of the U.S. These figures lead to 7% of all goods used in new residential construction originating from a foreign…
Prices for inputs to new residential construction—excluding capital investment, labor, and imports—were unchanged in November according to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics. Compared to a year ago, this index was up 0.7% in November after rising 0.3% in October. The inputs to the new…
