Eye On Housing
Over the first month of 2020 – and prior to the impact of the coronavirus, the total number of single-family permits issued year-to-date (YTD) nationwide reached 70,386. On a year-over-year (YoY) basis, this is a 21.2% increase over the January 2019 level of 58,086. Year-to-date ending in January, single-family and multifamily permits reported growth across the country. Northeast led in… Read More ›
Confidence in the market for new multifamily housing remained unchanged in the fourth quarter of 2019, according to results from the National Association of Home Builders’ Multifamily Market Survey (MMS). The MMS produces two separate indices: The Multifamily Production Index (MPI) which remained even at 49 (Figure 1), and the Multifamily Vacancy Index (MVI) which also remained unchanged at 40… Read More ›
An elevated rental share of multifamily construction is holding typical apartment size below levels seen during the pre-Great Recession period. According to fourth quarter 2019 data, the average per unit square footage of multifamily housing construction starts was 1,074, off from the post-recession high set at the start of 2015 (1,247 square feet). The median was 1,053 square feet for… Read More ›
New single-family home size trended lower during the final quarter of 2019 as interest rates remained low and builders seek to add additional entry-level supply. According to fourth quarter 2019 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area ticked down to 2,252 square feet. Average (mean) square footage… Read More ›
Total housing starts posted a 3.6 percent decline in January (1.57 million units) compared to an upwardly revised December estimate of 1.63 million units according to the joint data release from the Census Bureau and HUD. Relative to January 2019 (during the housing soft patch), total starts are 21.4 percent above the annual pace of 1.29 million units. Single-family starts… Read More ›
Over the year 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 854,158. On a year-over-year (YoY) basis, this is a 0.2% increase over the December 2018 level of 852,856. Year-to-date ending in December, single-family permits reported declines in three regions and an increase in the South. The Northeast reported the steepest decline by 6.8%. The… Read More ›
According to the U.S. Census Bureau, the Annual Resident Population of the United States as of July 1, 2019 was estimated at 328.2 million, increasing by 1.6 million from the previous year. Additionally, there was a significant downward revision to the national population estimated for 2018, by 480 thousand, to 326.7 million, effectively reducing the growth rate estimated for that… Read More ›
Total housing starts posted a 16.9 percent increase in December (1.608 million units) compared to a upwardly revised November estimate of 1.375 million units according to the joint data release from the Census Bureau and HUD. Relative to December 2018, total starts are 40.8 percent above the annual pace of 1.14 million units, a pace that will likely be revised… Read More ›
Over the first eleven months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 791,452. On a year-over-year (YoY) basis, this is a 1.0% decline over the November 2018 level of 799,679. Year-to-date ending in November, single-family permits reported declines in three regions and a slight increase in the South. The Northeast reported the steepest… Read More ›
Home building in the 2010s was a story of the Long Recovery. After the Great Recession, the number of home builders declined significantly, and housing production was unable to meet buyer demand. This deficit of housing in the United States continues to exist because of persistent supply-side headwinds for builders, creating a critical housing affordability challenge for renters and homebuyers…. Read More ›