The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 66% in the third quarter of 2023, amid persistently tight housing supply and elevated mortgage interest rates. The homeownership rate remained statistically unchanged from the second quarter reading (65.9%). Compared to the...
The Census Bureau’s Survey of Construction (SOC) provides valuable information on the characteristics of new homes started construction, such as air conditioning and heating system installations. Air Conditioning In 2022, 97.1 percent of new single-family homes started had a central AC system, slightly higher than...
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.3% in September. The pace of personal income growth slowed after reaching a 1% monthly gain in January 2023. Gains in personal income are largely driven by increases...
NAHB tabulation of data from the Survey of Construction (SOC) indicates shares of new single-family homes built with private wells and individual septic systems increased in 2022, compared with the previous year. About 10% of new single-family homes started in 2022 were served by individual...
Housing’s share of the economy remained at 15.9% at the end of the third quarter of 2023. Overall GDP increased at a 4.9% annual rate, following a 2.1% increase in the second quarter of 2023 and 2.2% increase in the first quarter of 2023. Housing’s...
The U.S. economy had remarkable growth in the third quarter of 2023, fueled by consumer spending. The GDP price index rose 3.5% for the third quarter, up from a 1.7% increase in the second quarter. The Personal Consumption Expenditures (PCE) Price Index, capturing inflation (or...
NAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the all-cash share of new home sales climbed substantially in the third quarter of 2023 while VA-backed sales share fell by nearly half. Additionally, the median purchase price of homes...
Despite mortgage rates that are at a 23-year high, new home sales posted a double-digit percentage gain in September because of a lack of inventory in the resale market. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau estimated sales of...
Despite mortgage rates topping 7%, Americans persist in their desire to buy a home. According to the latest Housing Trends Report*, the share of adults with plans to purchase a home within a year edged up to 17% in the third quarter of 2023, up...
Nonfarm payroll employment increased in 40 states and the District of Columbia in September compared to the previous month, while nine states lost jobs. Wyoming reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 336,000 in September,...
Arizona’s population growth increased for the second consecutive year after falling during 2020. The population growth rate was 1.30% between 2021 and 2022 with the population increasing by 94,320 persons, the 8th fastest growth rate and 5th largest nominal increase in the U.S. between the...
Existing home sales in September fell to lowest level since October 2010 as limited inventory and higher mortgage rates continued to weigh on homebuyers, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices,...
Despite elevated mortgage rates averaging above 7%, single-family starts posted a solid gain in September as more buyers are turning to new homes because of a dearth of inventory in the resale market. Overall housing starts increased 7% in September to a seasonally adjusted annual...
Stubbornly high mortgage rates that have climbed to a 23-year high and have remained above 7% for the past two months continue to take a heavy toll on builder confidence, as sentiment levels have dropped to the lowest point since January 2023. Builder confidence in...
Over the first eight months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 615,453. On a year-over-year (YoY) basis, this is 15.6% below the August 2022 level of 728,866. Year-to-date ending in August, single-family permits declined in all four regions....
According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) was unchanged in September (not seasonally adjusted) after climbing 0.4% in August. Prices have increased 0.8%, year-to-date, the smallest YTD gain through September since...
Consumer prices in September remained stable, with housing and gasoline cost continuing to be key drivers. Despite the slight annual slowdown, shelter costs remain elevated, accounting for over 70% of the total increase in all items excluding food and energy. The Fed’s ability to address...
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the third quarter of 2023 posted a reading of 65, edging down 3 points from the previous quarter. While there is still demand for remodeling, some customers are pulling back on potential projects due to higher prices...
