Over the first month of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 53,062. On a year-over-year (YoY) basis, this is 36.4% below the January 2022 level of 83,404. Year-to-date ending in January, single-family permits declined in all four regions. The...
Nonfarm payroll employment increased in 48 states and the District of Columbia in January compared to the previous month, while Wyoming and Rhode Island lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 504,000 in January, following a...
Job growth continued in February. After a revised 504,000 job gain in January, total nonfarm payroll employment increased by 311,000 in February, and the unemployment rate edged up to 3.6% from 3.4% in January. Wage growth increased to a 4.6% year-over-year gain from 4.4% last...
The most recent release of the Z.1 Financial Accounts of the United States shows a decrease in the value of households’ real estate assets over the fourth quarter of 2022. As home prices begin to decrease from pandemic highs, households’ real estate asset value fell...
The NAHB recently published its latest Cost of Construction Survey. Results show that 60.8% of the average home sale price consisted of construction costs, essentially unchanged from the 61.1% posted in 2019. Since the inception of this series in 1998, this was the fourth time...
The count of open, unfilled jobs for the overall economy declined slightly in January, falling to 10.8 million, after an 11.2 million reading in December, which was the highest level since July. The count of total job openings should fall in 2023 as the labor...
Per the Mortgage Bankers Association’s (MBA) survey through the week ending March 3rd, total mortgage activity increased 7.4% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose eight basis points to 6.79%. The FRM rate has risen 61 basis points over...
While nationwide single-family housing starts have slowed in the past year, the largest drop on a percentage basis is occurring in the densest counties, due to high housing costs. Meanwhile, multifamily growth was robust throughout much of the nation at the end of 2022, with...
Residential remodeling companies, just like any other private enterprise in a capitalist economy, exist to satisfy the demand of consumers for specific products or services in exchange for a rate of profit commensurate with the risk taken. Companies control when they enter or exit the...
In 2005, Congress established several energy-efficiency tax incentives related to housing that benefit new-home buyers and remodeling homeowners. These policies included the tax code section 25C credit for retrofitting/remodeling existing homes, and the 25D credit for the installation of power production property in new and...
Private residential construction spending declined 0.6% in January, as spending on single-family construction decreased 1.7%. It declined on the eighth month in a row amid elevated mortgage interest rates. Moreover, private residential construction is 3.9% lower compared to a year ago. The monthly decline is...
Residential construction loan volume reached a post-Great Recession high during the fourth quarter of 2022, as home building activity and new home sales remained below trend. Outstanding builder loan balances are rising as development debt is being held longer as new homes remain in inventory...
Seasonally adjusted home prices continued to fall in December and have declined for six consecutive months due to high mortgage rates and economic uncertainty. Locally, all 20 metro areas, reported by S&P Dow Jones Indices, experienced negative home price appreciation in December. The S&P CoreLogic...
Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that the multifamily market continues to have high demand with apartment completions reaching their highest level since the third quarter of 2021. The absorption rate of new condominiums reached...
Declining mortgage rates and home prices in January, coupled with home builders use of sales incentives, helped boost new home sales last month. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau estimated sales of newly built, single-family homes in January...
While the two main confidence indexes for multifamily housing increased slightly in the fourth quarter, they both remain in negative territory, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate...
The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. While townhouse construction has trended higher in recent quarters, the multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed. For 2021,...
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the fourth quarter of 2022. For the fourth quarter, 133,000 multifamily residences started construction. For 2022 as whole, 525,000 rental apartments started construction. The market share of...
