Despite weakness for single-family construction in 2023, townhouse construction recorded the best quarter for starts in 16 years. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the third quarter of 2023, single-family attached starts...
Single-family construction held steady in October as high mortgage rates depressed demand but more buyers turned to new homes because of a lack of existing inventory. Overall housing starts increased 1.9% in October to a seasonally adjusted annual rate of 1.37 million units, according to...
Confidence in the market for new multifamily housing was in negative territory for the third quarter, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index...
High mortgage rates that approached 8% earlier this month continue to hammer builder confidence, but recent economic data suggest housing conditions may improve in the coming months. Builder confidence in the market for newly built single-family homes in November fell six points to 34 in...
According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) declined 0.1% in October (not seasonally adjusted) following a 0.2% increase in September. The index has increased 1.0%, year-to-date, marking the smallest YTD gain...
Over the first nine months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 693,908. On a year-over-year (YoY) basis, this is 13.3% below the September 2022 level of 800,424. Year-to-date ending in September, single-family permits declined in all four regions....
Consumer prices in October remained unchanged, with the increase in shelter index being offset by the decline in the gasoline index. This cooling inflation increases the probability that the Fed is done increasing rates. Despite the slowdown, shelter costs continue to be a key driver...
The Census Bureau’s latest Survey of Construction (SOC) shows minor changes in the number of full and half bathrooms for new single-family homes started in 2022 compared to 2021. The current data shows that 4.4% of new single-family homes started had one full bathroom or...
During the third quarter of 2023, availability of loans for residential Land Acquisition, Development & Construction (AD&C) continued to tighten, according to both NAHB’s survey on AD&C Financing and the Federal Reserve’s survey of senior loan officers. Each of the surveys produces a net easing...
According to the Federal Reserve Board’s November 2023 Senior Loan Officer Opinion Survey (SLOOS), lending standards tightened for all commercial real estate (CRE) loan categories and most residential real estate (RRE) categories in the third quarter of 2023. Moreover, demand for RRE and CRE loans...
Rising mortgage rates, elevated construction costs and limited existing inventory helped push housing affordability in the third quarter of 2023 to its lowest level in more than a decade. According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), just 37.4%...
Median square foot prices (excluding record-high improved lot values) for new for-sale single-family detached (SFD) homes started in 2022 increased 18%, according to NAHB’s analysis of the latest Survey of Construction data. Increases for square foot prices in new custom SFD homes were similarly high,...
Consumer credit outstanding growth slowed to 0.4% in the third quarter of 2023 (SAAR) according to the Federal Reserve’s latest G.19 Consumer Credit report, as revolving debt grew 8.6% and nonrevolving debt declined 2.4%. On a monthly basis, revolving credit outstanding increased just 3.0% in...
Per the Mortgage Bankers Association’s (MBA) survey through the week ending November 3rd, total mortgage activity increased 2.5% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell 25 basis points to 7.61%. The FRM rate has decreased by 6 basis points...
Porches have been a popular home feature, consistently ranking in the top 10 in the NAHB surveys of recent and prospective home buyers published in What Home Buyers Really Want. And porches remain as popular as ever specifically on new homes, according to NAHB tabulation...
A majority of new homes that completed construction in 2022 included two-car garages (66%), according to NAHB analysis of 2022 Census Bureau Survey of Construction data. There is clear uniformity for parking options in new homes completed across the Census divisions: the 2-car garage was...
Job growth decelerated in October. Total nonfarm payroll employment increased by 150,000 and the unemployment rate edged up to 3.9% in October from 3.8%. The labor market is cooling. The Fed held interest rates steady for the second meeting in a row at the conclusion...
NAHB analysis of the Survey of Construction (SOC) shows that 70% of all new single-family homes started in 2022 were built on slab foundations, followed by 19% of homes built with a full/partial basement and 10% of homes built with a crawl space. As home...
