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...
Rapidly rising interest rates combined with ongoing home price increases and higher construction costs continue to take a toll on builder confidence and housing affordability. Builder confidence in the market for newly built single-family homes moved two points lower to 77 in April, according to...
Over the first two month of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 170,716. On a year-over-year (YoY) basis, this is a 3.5% increase over the February 2021 level of 164,901. Year-to-date ending in February, single-family permits declined in two...
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter of 2022 posted a reading of 86, unchanged from the first quarter of 2021. The RMI and all of its components and subcomponents were 80 or higher (on a scale of 0 to 100)...
According to the latest Producer Price Index (PPI) report released today by the Bureau of Labor Statistics, the prices of goods used in residential construction ex-energy (not seasonally adjusted) climbed 1.4% in March, following an upwardly revised increase of 2.2% in February and 4.1% in...
Driven by higher food, gasoline and housing cost, consumer prices continued to accelerate in March. This marked the sixth straight month for inflation above a 6% rate and was the fastest annual pace since December 1981. Though gas prices have fallen slightly from their March...
NAHB analysis of the Current Population Survey’s (CPS) 2020 Annual Social and Economic Supplement (ASEC) estimates the national homeownership rate at 66.4%. This analysis provides a further breakdown of this rate through the lens of married couple homeownership, which we estimate at 79% for 2020....
According to the latest May 2021 Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics (OEWS) and analysis by the National Association of Home Builders (NAHB), half of payroll workers in construction earn more than $49,070 and the top 25% make at least $75,820....
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 1.1% in February after an increase of 1.1% in January. Spending stood at a seasonally adjusted annual rate of $850.6 billion. Total private residential construction spending was 16.6% higher than...
In the past month, total mortgage activity, as measured by the Mortgage Bankers Association’s (MBA) Market Composite Index, underwent a series of weekly declines, decreasing in the latest week by 6.3 percent. The latest week’s survey is for the week ending April 1. The latest...
In the fourth quarter of 2021, the market shares of single-family and multifamily home building in rural submarkets, as identified by NAHB’s Home Building Geography Index (HBGI), increased from the fourth quarter of 2020. Evolving market conditions were primarily responsible for the market share gains....
Compared to a year ago, average hourly earnings for residential building workers continue to rise, as the construction labor market remains tight. According to the Bureau of Labor Statistics (BLS) report, average hourly earnings (AHE) for residential building workers were $28.66 in February 2022, increasing...
Total nonfarm payroll employment increased by 431,000 in March, and the unemployment rate fell to 3.6% from 3.8%. The labor market recovery is continuing, as employment in some sectors, such as professional and business services, financial activities, and retail sectors, is now above pre-pandemic levels....
Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in 2021 as the economy continued to recover from the COVID-19 crisis. According to the U.S. Bureau of Economic Analysis (BEA), the percent change increase in real GDP ranged from...
Among first-time buyers, both a shower stall and tub in the primary bath ranked as the most popular of the 18 bathroom features listed in the NAHB study, What Home Buyers Really Want, 2021 Edition. The study asked first-time, as well as repeat, home buyers...
After dropping to a one-year low last month, consumer confidence rebounded slightly in March as strong job growth offset consumer’s concerns about the Ukraine crisis and decades-high inflation. The Consumer Confidence Index, reported by the Conference Board, rose 1.5 points from 105.7 to 107.2 in...
The construction labor market remains tight, as the industry sees a rising number of job openings year-over-year. The count of open construction jobs remained steady at 381,000 unfilled positions in February. The highest measure in the history of the data series (going back to late...
