In November, total nonfarm payroll employment increased by 199,000 and the unemployment rate declined to 3.7%, from 3.9% in October. The labor market continues to moderate. The Fed held interest rates steady for the second meeting in a row at the conclusion of its November...
According to data from the Census Bureau’s Survey of Construction (SOC), 62.6% of single-family homes started in 2022 were built within a community or homeowner’s association. This marks the second year in a row that the share declined, from the high point of 67.1% posted...
Information obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, shows the share of new homes with a two-story foyer slightly increased in 2022. The increase was particularly notable in West South Central and New England. However, most new single-family...
Real gross domestic product (GDP) increased in 44 states and the District of Columbia in the second quarter of 2023. Economic activity contracted in six states. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP increased ranged from 8.7...
The bond market appears to be responding to cooling macroeconomic data, including labor market reporting, as long-term rates fall back. Among the risk factors that previously led to higher interest rates (more debt issuance, higher-for-longer monetary policy expectations, long-term fiscal deficit conditions, and strong current...
For the third consecutive quarter, single-family growth rates were negative for all geographic sectors of the nation, as exurban areas posted the largest increase in market share for both single-family and multifamily construction, according to the latest findings from the National Association of Home Builders...
As discussed in Eye on Housing last year, builders have been including decks on fewer and fewer new homes recently. According to NAHB tabulation of data from the HUD/Census Bureau Survey of Construction (SOC), well over 20% of all single-family homes started had decks from...
NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 1.2% in October, after a dip in September. It stood at a seasonally adjusted annual pace of $884 billion. Total private residential construction spending is 0.7% higher compared to a year...
Pets can have a significant impact on home buying decisions for many people. According the U.S. Census Bureau, 2021 data shows that there are 63.8 million occupied housing units have at least one pet which represents almost 50% of the 128.5 million occupied housing units....
According to data from the Census Bureau’s Survey of Construction (SOC), custom homes share increased to 20.4 percent of all single-family homes started in 2022 from the 17.6 percent recorded in 2021. The custom home market consists of contractor-built and owner-built houses—homes built one at...
The report from the Federal Reserve Bank of Boston discusses the recent trends in consumer price inflation, focusing on the period from 2021 to June 2023. After experiencing elevated readings in 2021 and 2022, inflation has moderated this year. The total consumer price index (CPI)...
The volume of total outstanding acquisition, development and construction (AD&C) loans posted a decline during the third quarter of 2023 as interest rates increased and financial conditions tightened. The volume of 1-4 unit residential construction loans made by FDIC-insured institutions declined by 2.8% during the...
National home prices continued to increase in September. Despite rising mortgage rates, limited inventory and solid but weakened demand provided solid support for home prices. Locally, all of 20 metro areas had positive home price appreciation in September. The S&P CoreLogic Case-Shiller U.S. National Home...
The most recent release of the Census Bureaus’ Survey of Market Absorption of New Multifamily Units (SOMA) reported that of the 99,290 unfurnished, unsubsidized apartments completed in the second quarter of 2023, 65% were absorbed into the market in the first three months following completion....
The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the third quarter of 2023, there...
Elevated mortgage rates that averaged 7.62% in October per Freddie Mac, the highest rate since 2000, depressed buyer demand and pushed down new home sales in October. Sales of newly built, single-family homes in October fell 5.6% to a 679,000 seasonally adjusted annual rate, following...
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the third quarter of 2023. For the quarter, 104,000 multifamily residences started construction. Of this total, 101,000 were built-for-rent. The market share of rental units of multifamily...
An expected impact of the virus crisis was a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and...
