Eye On Housing
Confidence in the market for new multifamily housing turned downward in the first quarter of 2022, according to the latest results from NAHB’s Multifamily Market Survey (MMS). The MMS produces two main indices. The survey’s Multifamily Production Index (MPI) decreased six points to 48 in the first quarter, dipping below the break-even mark of 50 for the first time in… Read More ›
Single-family starts declined in April, as higher interest rates weighed on housing affordability, producing a fifth straight decline for the NAHB/Wells Fargo HMI. Additionally, the cost and availability of materials, lumber, labor and lots remain key supply-side headwinds. Single-family permits decreased 4.6% to a 1.11 million unit rate in April. Nonetheless, the resale market lacks inventory, which is supporting demand… Read More ›
Over the first three months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 278,189. On a year-over-year (YoY) basis, this is a 0.8% increase over the March 2021 level of 276,110. Year-to-date ending in March, single-family permits declined in three out of the four regions. The South posted a modest increase of 4.8% while the… Read More ›
Population growth in the United States amounted to just 0.12% in 2021 (between July 2020 and July 2021), the slowest rate on record dating back to 1900. The sharp slowdown in population growth over the past two years is almost entirely due to pandemic-related factors, namely decreased birth rates, increased mortality and decreased net international migration. Thirty-three states registered a… Read More ›
Over the first two month of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 170,716. On a year-over-year (YoY) basis, this is a 3.5% increase over the February 2021 level of 164,901. Year-to-date ending in February, single-family permits declined in two out of the four regions. The South posted an increase of 7.6% while the Midwest… Read More ›
Single-family starts posted a small increase in February, as lack of resale inventory continues to support housing demand despite higher interest rates. The availability of materials, lumber, labor and lots remain key headwinds, with access to labor in particular likely to become more challenging in 2022. Overall housing starts increased 6.8% in February to a seasonally adjusted annual rate of… Read More ›
Over the first month of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 83,404. On a year-over-year (YoY) basis, this is a 0.6% decline over the January 2021 level of 83,921. Year-to-date ending in January, single-family permits declined in three out of the four regions. The South posted a small increase of 0.9% while the Northeast… Read More ›
Data from the Survey of Market Absorption of Apartments (SOMA), produced by the Census Bureau, suggest continued improvement for the multifamily sector in the third quarter of 2021 due to strong demand and low vacancy rates. The absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) surged by 25 percentage points to… Read More ›
The missing middle construction sector includes development of medium-density housing, including townhouses, duplexes and other small multifamily properties. While townhouse construction has trended higher in recent quarters, the multifamily segment of the missing middle (apartments in 2 to 4 unit properties) has disappointed. For 2021, there were only 12,000 starts of such residences. This is flat from from 2020, during a period… Read More ›
Confidence in the market for new multifamily housing improved in the fourth quarter of 2021, according to the latest results from NAHB’s Multifamily Market Survey (MMS). The MMS produces two main indices. In the fourth quarter, the Multifamily Production Index (MPI) increased one point to 54 from the previous quarter while Multifamily Occupancy Index (MOI) decreased six points to 69…. Read More ›