As the construction labor market remains tight and skilled labor shortages persist, wages in construction continue to rise, often outpacing and exceeding typical earnings in other industries. According to the latest Current Employment Statistics (CES) report from the Bureau of Labor Statistics (BLS), average hourly...
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.5% in March after a 0.7% gain in February. Gains in personal income are largely driven by increases in compensation of employees. However, it was 11.6% lower than...
Housing’s share of the economy edged higher at the start of 2022 due in part to a surprise drop in growth. For the first quarter of 2022, overall GDP growth declined at a 1.4% annual rate, driven by increased inventories and a jump in imports....
In the first quarter of 2022, real GDP declined for the first time since the pandemic recession, as inflation surged to a 40-year high and supply chain disruptions remain persistent. This quarter’s decrease reflected a deceleration in private inventory investment, decreases in exports and government...
The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 65.4% in the first quarter of 2022, which is statistically unchanged from the last quarter reading. The national homeowner vacancy rate slipped to a record low of 0.8%, while the rental vacancy...
NAHB analysis of the most recent Census estimates concerning sources of financing for new home sales reveals that conventional loans accounted for 78.5% of new home sales in the first quarter of 2022, the highest share in more than a decade. Conventional loans financed over...
New single-family home sales declined in March as mortgage rates jumped to the highest levels since the start of the pandemic. Per Freddie Mac, the 30-year fixed rate mortgage was 3.89 at the end of February and had climbed to 4.67 at the end of...
The financial performance of any company is directly linked to the industry environment in which it operates. Factors such as the number and size of its competitors, barriers to enter or exit, capital requirements, economies of scale, or the bargaining power of customers and suppliers...
Private fixed investment in dormitories stood at a seasonally adjusted annual rates (SAAR) of $3.08 billion in the last quarter of 2021, according to the data released by Bureau of Economic Analysis. Student housing investment was 2.9% higher over the third quarter of 2021. However,...
An earlier post revealed that 67% of buyers who were actively engaged in the process of finding a home in the 1st quarter of 2022 have spent 3+ months searching for a home without success. By far, the most common reason these long-term searchers cite...
A growing segment of prospective home buyers aren’t moving past the planning stage. At its peak in mid-2021, 61% were actively trying to find a home to buy. Now, the share is back to pre-pandemic levels, at 46%. This is clear evidence that higher mortgage...
Buyers’ expectations for housing affordability continue to sour. In the first quarter of 2022, 81% said they could afford less than half the homes for-sale in their markets – the highest share since before the pandemic. At its lowest point in the 4th quarter of...
Buyers’ expectations of housing availability continue to worsen. At its peak in the 4th quarter of 2020, 36% expected the home search to get easier in the months ahead. After five straight drops, the share is now 17% – a level not seen since 2018....
Nonfarm payroll employment increased in 34 states and the District of Columbia in March compared to the previous month while 16 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 431,000 in March, following a gain of...
As rising mortgage rates and high inflation continue to price out homebuyers and reduce affordability, existing home sales dropped to the lowest level since June 2020, according to the National Association of Realtors (NAR). However, the trend in home price appreciation continued as supply remained...
Preference for newly constructed homes skyrocketed in 2020, as buyers looked for homes with more square footage and amenities in which to work remotely, school children, exercise, etc. By the fourth quarter of 2020, 42% of prospective buyers preferred new construction. Since then, however, rising...
The share of adults planning a home purchase within a year fell for a third straight quarter in the first three months of 2022, down to 13%. The last time fewer American adults intended to buy a home was in the second quarter of 2020...
Single-family starts permits declined in March, as higher interest rates weighed on housing affordability and produced a fourth straight decline for the NAHB/Wells Fargo HMI. Additionally, the cost and availability of materials, lumber, labor and lots remain key supply-side headwinds. Nonetheless, the resale market lacks...
