With housing being a key issue for the 2024 election cycle, it is worth analyzing distinct characteristics as well as similarities that housing markets in congressional districts share. The differences start with a substantial variation in homeownership rates across congressional districts. While the 2023 American Community Survey (ACS) reports that close to two thirds of…
In 2023, a quarter of new homes were built with a two-story foyer, down slightly from 26% in 2022, according to data obtained from the Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB. The market share of two-story foyers has been generally trending downward over the past seven years, with most new single-family…
The Market Composite Index, a measure of mortgage loan application volume by the Mortgage Bankers Association’s (MBA) weekly survey, rose 18.4% month-over-month on a seasonally adjusted (SA) basis, driven primarily by a surge in refinancing activity. Compared to September 2023, the index increased by 47%. The Market Composite Index which includes the Purchase and Refinance…
Private residential construction spending fell 0.3% in August, according to the Census Construction Spending data. Nevertheless, it remained 2.7% higher compared to a year ago. The monthly decline in total private construction spending for August was largely due to reduced spending on single-family and multifamily construction. Spending on single-family construction fell by 1.5% in August….
After a period of slowing associated with declines for some elements of residential construction, the count of open construction sector jobs bounced back in the August data, per the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS). However, construction job openings remain slightly lower compared to a year ago. In August, after revisions,…
In September, mortgage rates maintained their downward trajectory, returning to levels last seen two years ago. According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage fell to 6.18%, a decline of 32 basis points (bps) from August. The 15-year fixed-rate mortgage saw an even steeper decline, decreasing by 42 bps from August…
The latest NAHB study on home buyer preferences – What Home Buyers Really Want Study – asked consumers about the features and amenities they would want in a home, specifically regarding windows and exterior doors. Respondents were asked to rate eight window and four exterior door features using the following four-point scale: Windows ENERGY STAR…
