Eye On Housing
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 ›
Total housing starts increased 3.9% in August, due to strength for multifamily development. According to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, single-family starts were down 2.8% for the month, while overall multifamily starts was up 21% in August. The August total starts reading of 1.62 million starts is the number of… Read More ›
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 ›
In August, consumer prices increased at its slowest pace since February 2021. Prices for several travel-related categories declined in August, as the delta variant spreads. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.3% in August on a seasonally adjusted basis, following an increase of 0.5% in July. Excluding the volatile food and… Read More ›
According to NAHB analysis of quarterly Census data, the market share of rental units of multifamily construction starts remained elevated at 95.2% during the second quarter of 2021. In contrast, the historical low share of 47% was set during the third quarter of 2005, during the condo building boom. An average share of 80% was registered during the 1980-2002 period…. Read More ›
Confidence in the market for new multifamily housing decreased in the second quarter, according to results from the Multifamily Market Survey (MMS) released y the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) generated from the survey dropped three points to 48 compared to the previous quarter. The MPI measures builder… Read More ›
Housing production declined in July due to rising prices and limited availability of lumber and other building materials. Overall housing starts decreased 7.0% to a seasonally adjusted annual rate of 1.53 million units, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The July reading of 1.53 million starts is the number… Read More ›
Over the six months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 589,146. On a year-over-year (YoY) basis, this is a 35.9% increase over the June 2020 level of 433,484. Year-to-date ending in June, single-family permits increased in all four regions. The Northeast region reported the strongest increase of 39.6%, followed by the Midwest (+35.9%),… Read More ›
Headline inflation and core inflation slowed in July after hitting a 13-year high in June. As the economy reopens, supply-chain disruptions and rebounding demand for certain services and products, such as travel-related services, pushed up consumer prices. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.5% in July on a seasonally adjusted basis,… Read More ›
The total market share of non-site built single-family homes (modular and panelized) was at 3% of single-family completions in 2020, according to Census Bureau Survey of Construction data and NAHB analysis. This share is expected to rise moderately in 2021 and in the years ahead, due to the ongoing labor shortage in the residential construction sector and the need to lift labor… Read More ›