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Tag: housing trends report

  • Employment/Labor
  • Policy Research

Construction Self-Employment Stable at 23%

Natalia SiniavskaiaFebruary 18, 2025April 23, 202507 mins

The share of self-employed in construction remains just under 23%, a new post-pandemic norm. While this is significantly higher than an economy-wide average of 10% of the employed labor force, for construction, these rates are historically low. Across the nation, construction self-employment rates range from 38% in Maine to 13% in Nevada. As of 2023,…

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  • Construction Statistics
  • Single-Family

Market Share of 5,000+ Square Foot Homes Declines in 2023

Ashok ChaluvadiJuly 26, 2024July 26, 202402 mins

The number of homes started in 2023 exceeding 5,000 square feet, dropped to 26,000, a decrease from 29,000 in 2022, according to the annual data from the Census Bureau’s Survey of Construction (SOC). In 2006, the number of new 5,000+ square foot homes reached a peak of 45,000. This number proceeded to drop during the Great Recession…

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  • Policy Research

Housing Demand Caught Between High Rates & Demographics

Rose QuintOctober 23, 2023October 17, 202312 mins

Despite mortgage rates topping 7%, Americans persist in their desire to buy a home.  According to the latest Housing Trends Report*, the share of adults with plans to purchase a home within a year edged up to 17% in the third quarter of 2023, up from 15% a quarter earlier.  The share has fluctuated up…

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  • Housing Affordability

Unaffordable Prices & Bidding Wars Hold Buyers Back

Rose QuintAugust 2, 2023July 31, 202313 mins

An earlier post revealed that 69% of buyers who were actively engaged in the process of finding a home in the second quarter of 2023 have spent 3+ months searching for a home without success. The inability to find an affordable home remains the most common reason buyers looking for 3+ months can’t make a…

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  • Housing Affordability

Some Buyers Remain Engaged, Despite Lower Affordability

Rose QuintJuly 31, 2023July 28, 202313 mins

Despite lower perceptions of affordability, the share of prospective home buyers who are actively engaged in the purchase process (i.e., have moved beyond the planning phase) remained essentially unchanged between the first and second quarters of 2023, at 56% and 55%, respectively. The lack of change in this metric suggests that some buyers are willing…

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  • Housing Affordability

Housing Affordability Expectations Slide Back, Again

Rose QuintJuly 28, 2023July 27, 202323 mins

After a reprieve in the first quarter of 2023, buyers’ outlook for housing affordability turned bleaker again in the second quarter.  According to the latest Housing Trends Report, 76% of buyers are able to afford less than half the homes for-sale in their markets, up from 73% in the first quarter of 2023. On the…

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  • Other Housing Data

More New Homes Improve Expectations of Housing Availability

Rose QuintJuly 27, 2023July 26, 202304 mins

Increased levels of new home construction and sales are leading some buyers to expect the home search to get easier in the months ahead.  According to the latest Housing Trends Report for the second quarter of 2023, 29% of prospective buyers are anticipating housing availability to ease up ahead, an improvement over the 24% and…

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