Tag Archive for ‘home building’

August Single-Family Permit Gains

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 ›

Stable Conditions for Construction Job Openings

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 ›

Uptick for New Home Sales in August

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 ›

Construction Reversal: Single-Family, Multifamily Units Under Construction

A reversal is taking place in the construction pipeline. Since early 2013, there have been consistently more multifamily units (residences within 2+ unit properties) under construction relative to single-family homes. This was due to multifamily construction recovering more quickly in the years after the Great Recession, as well as years of underbuilding in the single-family sector. However, as of July,… Read More ›

Federal Reserve: Closer to Taper

The Federal Reserve has been supporting the housing market during the virus crisis, the 2020 recession, and the subsequent, ongoing recovery via asset-backed purchases (among other tools), including $40 billion a month of mortgage-backed security (MBS) purchases. These MBS purchases have held interest rates lower than they otherwise would have been. Today, the Fed moved closer to announcing a tapering… Read More ›

Builder Confidence Steadies as Material and Labor Challenges Persist

Builder confidence inched up in September on lower lumber prices and strong housing demand, even as the housing sector continues to grapple with building material supply chain issues and labor challenges. Ending a three-month decline, builder sentiment in the market for newly built single-family homes edged up one point to 76 in September, according to the National Association of Home… Read More ›

July Single-Family Permit Gains

Over the first seven months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 681,949. On a year-over-year (YoY) basis, this is a 29.7% increase over the July 2020 level of 525,623. Year-to-date ending in July, single-family permits increased in all four regions. The Northeast region reported the strongest increase of 32.2%, followed by the South… Read More ›