Eye On Housing
Contracts for new, single-family home sales increased 14% to an 800,000 seasonally adjusted annual rate in September according to estimates from the joint release of the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. On a year-over-year basis, the September estimate was 18% lower than a year ago, when an unsustainable rebound took hold in… Read More ›
Home building, like other U.S. industries, has been dealing with the supply side challenges of labor and material shortages. Unlike other industries, however, home builders confront an additional challenge in obtaining lots on which to build. In a recent NAHB survey, 76 percent of builders reported that the overall supply of developed lots in their areas was low to very… Read More ›
Despite the volatility surrounding the recent COVID-19 pandemic, the housing market has shown remarkable resilience, fueled by demographic tailwinds and a housing shortage due to a decade of underbuilding. Home construction slowed after 2007 as a result of the 2008 Great Recession, but home building staged a slow, modest recovery over the last decade, with a sharp acceleration in 2020… Read More ›
Total housing starts decreased 1.6% in September, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Single-family starts were flat for the month, while overall multifamily starts declined in August. The August total starts reading of 1.56 million starts is the number of housing units builders would begin if development kept this… Read More ›
Strong consumer demand helped push builder confidence higher in October despite growing affordability challenges stemming from rising material prices and shortages. Builder sentiment in the market for newly built single-family homes moved four points higher to 80 in October, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index. Despite the increase, builders are getting increasingly concerned… Read More ›
Over the first eight months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 775,772. On a year-over-year (YoY) basis, this is a 25.8% increase over the August 2020 level of 616,856. Year-to-date ending in August, single-family permits increased in all four regions. The Northeast region reported the strongest increase of 29.3%, followed by the South… Read More ›
The NAHB/Royal Building Products Remodeling Market Index (RMI) for the third quarter posted a reading of 87, up five points from the third quarter of 2020. The reading is a sign of positive residential remodeler sentiment for projects of all sizes. The RMI is based on a survey that asks remodelers to rate various aspects of the remodeling market “good,”… Read More ›
In the August labor market data, job openings for the overall economy remained elevated at 10.4 million open positions. What had been a challenge in certain sectors, like construction, continues as a broad labor access issue as businesses seek workers as the economy expands. The count of open construction jobs was stable at 344,000 unfilled positions, according to data from… Read More ›
Of the roughly 990,000 single-family homes started in 2020, only 19.3 percent included decks, according to NAHB tabulation of data from the Survey of Construction (SOC, conducted by the U.S. Census Bureau and partially funded by HUD). This marks the third year in a row the share of new homes with decks has declined, and the first time the share… Read More ›
After a prior cooling trend for the volume of new home sales, sales contracts increased 1.5% in August according to estimates from the Census Bureau and HUD. The August seasonally adjusted annual rate (740,000) was 24% lower than a year ago, when an unsustainable rebound took hold in the market. Higher prices have also affected housing affordability, with new home… Read More ›