Reflecting the unprecedented housing shortages across the United States in the post-pandemic market, U.S. vacancy rates hit their lowest readings in decades in 2021. According to NAHB’s analysis of the 2021 American Community Survey (ACS), owner vacancy rates dropped below 0.9% and rental vacancy rates...
According to data from the Census Bureau’s Survey of Construction (SOC), 65.5 percent of single-family homes started in 2021 were built within a community or homeowner’s association. Since the re-design of the SOC in 2009, this was the second highest percentage for new homes started...
Real estate taxes vary widely across states both in terms of annual taxes paid as well as effective tax rates. In 2021, the difference between average real estate taxes (RETs) paid by New Jersey and Alabama home owners was $8,336. New Jersey continued its perennial...
Downshifting its pace of tightening of monetary policy, the Federal Reserve’s monetary policy committee raised the federal funds target rate by 50 basis points, increasing that target to an upper bound of 4.5%. This marked a relatively smaller increase after four previous 75 basis point...
Per the Mortgage Bankers Association’s (MBA) survey through the week ending December 9th, total mortgage activity increased 3.2% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose one basis points to 6.42%. The FRM rate has fallen 48 basis points over...
Consumer prices in November saw the smallest year-over-year gain since December 2021.While still elevated, inflation experienced the second month below an 8% annual growth rate since February 2022. However, the shelter index continued to rise at an accelerated pace and was more than offsetting decreases...
The most recent release of the Z.1 Financial Accounts of the United States shows a sharp slowdown in the quarter-over-quarter growth of households’ real estate assets. After six consecutive quarters of above 3 percent growth quarter-over-quarter, the third quarter of 2022 saw a 1.74% increase...
The prices of building materials decreased 0.3% in November (not seasonally adjusted) following 0.5% and 0.1% declines in September and October, respectively, according to the latest Producer Price Index (PPI) report. The index has decreased five of six months for the first time since 2015....
According to data from the Census Bureau’s Survey of Construction (SOC), custom homes accounted for 17.6 percent of new single-family homes started—down slightly from the 17.8 percent recorded in 2020 and the lowest the annual custom home share has been since the 2005 re-design of...
The Census Bureau’s latest Survey of Construction (SOC) shows modest changes in the share of number of bedrooms for new single-family homes in 2021 compared with the previous year. The current estimates indicate the share of new single-family homes with 2 bedrooms or less is...
The most recent Home Building Geography Index (HBGI) shows that single-family home building slowed down its pace in the exurban areas, which experienced strong growth since the pandemic. Both high mortgage rates and supply-chain disruptions have put a damper on the housing market. The growth...
In November of 2022, 36 percent of single-family home builders reported reducing their prices, and 59 percent were offering special sales incentives. These percentages may seem relatively high—and in fact they have increased significantly since July of this year—but they are nowhere near as high...
In November, job growth slowed slightly from the previous month but still showed strength despite tight monetary policy. The unemployment rate was unchanged at 3.7% in November as the number of persons in the labor force decreased for the third straight month. Total nonfarm payroll...
Residential construction loan volume reached a post-Great Recession high during the third quarter of 2022, as home building activity and new home sales remained weak. Outstanding builder loan balances are rising as development debt is being held longer as new homes remain in inventory longer....
Private residential construction spending declined 0.3% in October, as spending on single-family construction dropped 2.6%. Private residential construction spending fell for the fifth consecutive month, standing at an annual pace of $887.2 billion. This was about 8.6% higher compared to a year ago. The monthly...
Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that the multifamily market remained strong during the second quarter of 2022 due to high demand. With low single-family housing supply and increased unaffordability of for-sale housing, many would-be...
The count of open, unfilled jobs for the overall economy declined in October, falling from 10.7 million open positions to 10.3 million. This represents a small decrease from a year ago (11.1 million), a sign the labor market is slowing in response to tighter monetary...
Home prices declined for the third straight month in September as the housing market continues to cool. In September, all 20 metro areas experienced negative home price appreciation. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, fell at...
