Tag Archive for ‘economics’

New Home Sales Jump in May

New home sales jumped in May, as housing demand was supported by low interest rates, a renewed household focus on housing, and rising demand in lower-density markets. Census and HUD estimated new home sales in May at a 676,000 seasonally adjusted annual pace, a 17% gain over April. However, as we noted last month, the April data was downwardly revised… Read More ›

Texas Led with Substantial Employment Gains in May

Nonfarm payroll employment increased in 49 states and decreased in Hawaii and the District of Columbia, in May compared to the previous month. The largest increase came from Texas, which added 237,800 jobs during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 2.5 million over the month of May, following a revised… Read More ›

Gain for Single-Family Permits Points to Building Growth

Single-family housing starts were flat in May, albeit off an upwardly revised estimate for construction in April. Single-family starts in May were estimated by Census/HUD at a 675,000 seasonally adjusted annual rate, after an revised estimate of 674,000 for April. However, the turning point for the market was found in the permits data. Consistent with recent gains in the NAHB/Wells… Read More ›

AD&C Loan Volume Expands During a Tough Quarter

Reversing a quarterly decline during the final quarter of 2019, the volume of residential construction lending posted a slight gain during the first quarter of 2020. This was prompted by the strong start for home construction in the early months of the year. The volume of 1-4 unit residential construction loans made by FDIC-insured institutions increased 2% after a 0.7%… Read More ›

Builder Confidence Surges in June

In a sign that housing stands poised to lead a post-pandemic economic recovery, builder confidence in the market for newly-built single-family homes jumped 21 points to 58 in June, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any reading above 50 indicates a positive market. As the nation reopens, housing is well-positioned to lead… Read More ›

Most Vulnerable Housing Markets

Analysis of the American Community Survey (ACS) suggests that renters and young adults under the age of 34 are likely to face higher prolonged unemployment risks as a result of the coronavirus pandemic hitting the labor market. The labor market risks are also uneven across states, with state economies heavily reliant on leisure, entertainment, retail and personal services being most… Read More ›

New Home Sales Overperform in April

After weakening in March, the volume of new home sales came in much better than expected in April. Due to economic challenges associated with COVID-19, NAHB was forecasting an additional sales decline in April. However, new home sales estimates from the Census Bureau reveal relatively flat conditions compared to March. The Census estimates reported a 623,000 seasonally adjusted annual rate… Read More ›

Multifamily Built-for-Rent: 94% Market Share During 1Q20

An elevated rental share of multifamily construction is holding typical apartment size below levels seen during the pre-Great Recession period. According to first quarter 2020 data, the average per unit square footage of multifamily housing construction starts was 1,086, off from the post-recession high set at the start of 2015 (1,247 square feet). The median was 1,031 square feet for… Read More ›