Eye On Housing
Nonfarm payroll employment increased in 38 states and the District of Columbia in June compared to the previous month, while 12 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 209,000 in June, following a gain of 306,000 jobs in May. On a month-over-month basis, employment data was strong in Texas, which… Read More ›
Single-family production fell back after four straight monthly gains as elevated construction costs and rising mortgage rates led to a reduction in home building activity and affordability conditions worsened for home buyers. Overall housing in June decreased 8% to a seasonally adjusted annual rate of 1.43 million units, according to a report from the U.S. Department of Housing and Urban… Read More ›
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the second quarter of 2023 posted a reading of 68, edging down 2 points from the first quarter of 2023. Even though the Fed has maintained a hawkish position when it comes to interest rates as inflation continues to moderate since it is still above their 2 percent target, the demand for… Read More ›
A lack of existing inventory coupled with solid consumer demand helped to boost new home sales in May to their highest level since February 2022. Sales of newly built, single-family homes in May increased 12.2% to a 763,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census… Read More ›
The failure of several banks in 2023 and the ensuing stress in U.S. financial markets have had an effect that some builders and developers are beginning to notice, according to two recent NAHB surveys. In one of the surveys, roughly three-in-five builders and developers reported that loans for land acquisition, land development and speculative single-family construction have become more difficult… Read More ›
Nonfarm payroll employment increased in 39 states and the District of Columbia in May compared to the previous month, while 11 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 339,000 in May, following a gain of 294,000 jobs in April. On a month-over-month basis, employment data was strong in Texas, which… Read More ›
Limited existing inventory combined with solid demand and improving supply chains helped push single-family starts to an 11-month high in May. This occurred despite elevated interest rates and ongoing challenges for housing affordability. Overall housing starts in May increased 21.7% to a seasonally adjusted annual rate of 1.63 million units, according to a report from the U.S. Department of Housing… Read More ›
The Federal Reserve’s monetary policy committee maintained the federal funds rate at a top target rate of 5.25% at the conclusion of its June meeting. The Fed will also continue to reduce its balance sheet holdings of Treasuries and mortgage-backed securities. Despite the June pause, the Fed’s projections indicated perhaps two more rate hikes are in store in the coming… Read More ›
Obtaining lots to build on remains a challenge for many of NAHB’s builders, although the shortages are not quite as widespread as they were in 2021. Responding to special questions on the May 2023 survey for the NAHB/Wells Fargo Housing Market Index (HMI), 42 percent of single-family builders characterized the supply of lots simply as low, and another 25 percent said… Read More ›
The count of open, unfilled jobs for the overall economy moved higher in April, rising to 10.1 million and complicating the June Federal Reserve decision. The higher job opening count for April increases the chance of another rate hike despite some speculation that May was the end of tightening. The count of open jobs was 11.8 million a year ago… Read More ›