The number of homes started in 2023 exceeding 5,000 square feet, dropped to 26,000, a decrease from 29,000 in 2022, according to the annual data from the Census Bureau’s Survey of Construction (SOC). In 2006, the number of new 5,000+ square foot homes reached a peak of 45,000. This number proceeded to drop during the Great Recession…
All-cash purchases accounted for 6.9% of new home sales in the second quarter of 2024, the lowest level since the fourth quarter of 2021, revealed by NAHB analysis of the most recent Census Quarterly Sales by Price and Financing report. Among mortgaged home sales, both FHA-backed and VA-backed sales fell while conventional sales remained unchanged….
Housing’s share of the economy stayed level at 16.1% in the second quarter of 2024. The share remained above 16% after staying constant at 15.9% for all of 2023. The more cyclical home building and remodeling component – residential fixed investment (RFI) – was 4.0% of GDP, level from 4.0% in the first quarter. RFI…
In the second quarter of 2024, the U.S. economy grew twice as fast as it did in the first quarter, supported by consumer spending and private inventory investment. Furthermore, the data from the GDP report suggests that inflation is cooling. The GDP price index rose 2.3% for the second quarter, down from a 3.1% increase…
The production index for sawmills and wood preservation industries fell at the start of 2024 to 91.9 in the first quarter (the index measures real output during 2017 at a level of 100). This is the second straight decline for the quarterly level according to the Federal Reserve’s recent release of G.17 data. The index…
New home sales fell to the lowest level since November 2023, as elevated mortgage rates continued to keep buyers on hold. Sales of newly built, single-family homes in June fell 0.6% to a 617,000 seasonally adjusted annual rate from a slight upwardly revised reading in May, according to newly released data from the U.S. Department…
Existing home sales fell for the fourth straight month in June due to lingering high mortgage rates and record-high prices, according to the National Association of Realtors (NAR). Although low resale inventory continued to push prices to another record high, the months’ supply of inventory continued to increase and reached its highest level since May…
