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...
Per the Mortgage Bankers Association’s (MBA) survey through the week ending October 6th, total mortgage activity increased 0.6% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose 14 basis points to 7.67%. The FRM rate has increased 40 basis points over...
In a new study, NAHB uses the 2021 American Housing Survey (AHS) to investigate the characteristics of recent home buyers, defined as households who purchased homes in the two years preceding the date the 2021 AHS was conducted. According to this criterion, roughly 10.2 million...
According to the Federal Reserve’s latest G.19 Consumer Credit report, total consumer credit outstanding totaled $4.97 trillion (seasonally adjusted annual rate) in August, a decrease of $15.6 billion over the month but $188.8 billion—or 3.9%–higher than August 2022. The monthly decline resulted from a 0.8%...
After more than a year of strong gains, average hourly earnings for residential building workers* increased at a relatively slower pace in the past few months. Wage growth has retreated below 3%, from the peak rate of 8% in 2021. According to the Bureau of...
Job growth remained solid in September as the Fed fights against inflation. In fact, the recent jobs data has been stronger than most economists expected and is a reminder that GDP growth for the third quarter will be very strong and inflation risks persist. Total...
NAHB analysis of the 2022 American Community Survey data shows that New Jersey leads the nation with the highest average annual real estate tax (RET) bill ($9,285)—$8,425 more than yearly property taxes paid by Alabama’s homeowners ($860). The size of this disparity grew 1.1% in...
The share of homes with patios edged up to another record high last year. Of the roughly one million single-family homes started in 2022, 63.3% percent came with patios—up from 63.0% in 2021, and the seventh consecutive year of setting a new record. The source...
NAHB Analysis of the Census Bureau’s Characteristics of Units in New Multifamily Buildings Completed finds that 93% of the 368,000 multifamily units completed in 2022 were built-for-rent while the remaining 7% were built-for-sale. The share of new multifamily units that are built-for-sale has remained below...
Financial conditions continue to tighten, as the 10-year Treasury rate increased to above 4.75%. Among the factors leading to higher rates (more debt issuance, higher-for-longer monetary policy expectations, long-term fiscal deficit conditions, and strong current GDP growth forecasts) was a surprise jump in August for...
NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 0.6% in August. It is the fourth consecutive increase since May 2023, standing at a seasonally adjusted annual pace of $879.9 billion. However, total private residential construction spending is still 3.1%...
NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $132 billion in taxes were paid by property owners in the second quarter of 2023 (not seasonally adjusted).[1] In the four quarters ending Q2 2023, state and local governments collected $727...
