Eye On Housing
NAHB analysis of information published in Builder Magazine’s annual Local Leaders lists shows that large builders gained market share across all tiers on average from 2009 to 2021 in major housing markets; market concentration, as calculated with top four firms in a metropolitan statistical area (MSA), has also increased, but has leveled off over the last four years. Figure 1 shows… Read More ›
Tag Archive for ‘housing’
Share of Young Adults Living with Parents Declined in 2021
Spurred by elevated savings early in the pandemic and encouraged by lower interest rates, rising numbers of young adults left parental homes in 2021. As a result, the share of young adults ages 25-34 living with parents or parents-in-law declined and now stands at 20.2%, according to NAHB’s analysis of the 2021 American Community Survey (ACS) Public Use Microdata Sample… Read More ›
An End to Large Rate Hikes from the Fed?
Continuing its tightening of financial conditions to bring the rate of inflation lower, the Federal Reserve’s monetary policy committee raised the federal funds target rate by 75 basis points, increasing that target to an upper bound of 4%. This marks the fourth consecutive meeting with an increase of 75 basis points and pushes the fed funds rate to a 15-year… Read More ›
Construction Job Market Volatility
The count of open, unfilled jobs for the overall economy increased in September, rising from 10.3 million open positions to 10.71 million. This represents a small increase from a year ago (10.67 million). This increase occurs despite signs of a slowing economy amidst aggressive monetary policy tightening by the Fed. The hotter than expected labor market data pushed the 10-year… Read More ›
Housing Share of GDP Continues to Decrease
Housing’s share of the economy edged lower at the end of the third quarter of 2022. This is the first quarter where GDP increased for 2022, with overall GDP increasing at a 2.6% annual rate, following a 0.6% decrease in the second quarter and 1.6% decrease in the first quarter. However, due to higher interest rates, housing’s share of GDP… Read More ›
New Home Sales Fall Back in September
Rising mortgage rates approaching 7% along with declining builder sentiment stemming from stubbornly high construction costs and weakening consumer demand pushed new-home sales down at a double-digit rate in September. Following a brief uptick in August, sales of newly built, single-family homes in September fell 10.9% to a 603,000 seasonally adjusted annual rate, according to newly released data by the… Read More ›
Single-Family Production Continues to Weaken in September
Single-family housing starts declined further in September as high mortgage rates, ongoing building material production disruptions and flagging demand stemming from rising affordability challenges continue to put a damper on new home production. Overall housing starts decreased 8.1% to a seasonally adjusted annual rate of 1.44 million units in September, according to a report from the U.S. Department of Housing… Read More ›
Builder Confidence Down 10 Straight Months as Market Continues to Weaken
In a further signal that rising interest rates, building material bottlenecks and elevated home prices continue to weaken the housing market, builder sentiment fell for the 10th straight month in October and traffic of prospective buyers fell to its lowest level since 2012, with the exception of two months during the Spring of 2020. Builder confidence in the market for… Read More ›
Share of New Homes with Porches Dips Below 64 Percent
Of the roughly 1.1 million single-family homes started in 2021, 63.4 percent came with porches, according to NAHB tabulation of data from the Survey of Construction (SOC, conducted by the U.S. Census Bureau with partial funding from the Department of Housing and Urban Development). This marks the first time the share of single-family homes with porches has dipped below 64 percent since 2015. … Read More ›
Remodeling Market Sentiment Softened in Third Quarter, But Remains Positive
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the third quarter of 2022 posted a reading of 77, declining 10 points from the third quarter of 2021. The RMI is based on a survey that asks remodelers to rate various aspects of the residential remodeling market “good,” “fair” or “poor.” Responses from each question are converted to an index that… Read More ›