Mortgage application activity increased again in August, supported by lower interest rates. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, rose 5.0% from July on a seasonally adjusted basis and was 18.3% higher than a year ago. The average contract interest rate for 30-year fixed mortgages fell 13…
Job growth slowed sharply in August, and the unemployment rate rose to its highest level in nearly four years. The latest jobs report, along with downward revisions to previous months’ data, indicates a continued cooling in the U.S. labor market. This softening trend is likely to increase pressure on the Federal Reserve to consider an…
Although shortages are not quite as widespread as they were in 2021, obtaining lots remains a challenge for many builders, according to recent results from the NAHB/Wells Fargo Housing Market Index (HMI) survey. In special questions on the May 2025 HMI survey, 38% of single-family builders characterized the supply of lots as low, and another…
Almost all of new single-family homes started in 2024 used either an air/ground source heat pump or a forced air system for the primary heating equipment (97%), according to the Census’s Survey of Construction. Additionally, 20% percent of homes also used a secondary type of heating equipment. Heating Systems The type of heating system installed…
The count of open, unfilled positions in the construction industry increased in July, per the June Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) as the national labor market cooled. The number of open jobs for the overall economy decreased from 7.36 million in June to 7.18 million in July. The July reading…
House price growth continued to slow in the second quarter of 2025, as the housing market faces mounting pressure from high mortgage rates, elevated inventory, and persistent economic uncertainty. After years of rapid growth, the District of Columbia and 27 metro areas recorded modest house price declines during this quarter, highlighting the regional variations in…
Private residential construction spending inched up 0.1% in July, registering the first monthly gain after six consecutive declines. This modest increase was primarily driven by more spending on single-family construction and home improvements. Despite this increase, total spending was 5.3% lower than a year ago, as the housing sector continues to navigate the economic uncertainty…
