Remodeling Market Declines Year-over-Year
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the second quarter of 2022 posted a reading of 77, declining 10 points from the second quarter of 2021. This is the…
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Solid Job Gains in June
Despite interest rate hikes, job growth remained solid in June. Total nonfarm payroll employment increased by 372,000 and the unemployment rate remained at 3.6% in June. Construction industry employment (both…
Employment Situation in May: State-Level Analysis
Nonfarm payroll employment increased in 32 states and the District of Columbia in May compared to the previous month while 18 states lost jobs. According to the Bureau of Labor…
Existing Home Sales Slow Again While Prices Surge
As rising mortgage rates and higher home prices continued to price out homebuyers, existing home sales declined for four consecutive months, according to the National Association of Realtors (NAR). However,…
Multifamily Production Index Turns Downward in the First Quarter
Confidence in the market for new multifamily housing turned downward in the first quarter of 2022, according to the latest results from NAHB’s Multifamily Market Survey (MMS). The MMS produces…
Latest Interest Rates Signal Significant Declines in Affordability
Housing affordability in the first quarter of 2022 looks starkly different depending on the interest rate assumed in the calculation. The average mortgage interest rate for the quarter was 3.86%….
Solid Job Gains in April
Total nonfarm payroll employment increased by 428,000 in April, and the unemployment rate was unchanged at 3.6%. The April’s data indicate that the labor market remained healthy despite surging inflation,…