Eye On Housing
Single-family starts declined further in May, as higher interest rates weighed on housing affordability. This follows a sixth straight monthly 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 5.5% to a 1.05 million unit rate in May. Despite declines for housing affordability, a lack… Read More ›
Over the first four months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 377,713. On a year-over-year (YoY) basis, this is a 1.7% decline over the April 2021 level of 384,196. Year-to-date ending in April, single-family permits declined in three out of the four regions. The South posted a modest increase of 2.8% while… Read More ›
Over the past 12 months, the cost to multifamily developers of compensating their employees increased by an average of nearly 12 percent, according to results from NAHB’s latest Multifamily Market Survey (MMS). The first quarter 2022 MMS, sent electronically to a panel of multifamily developers on April 12, included a special question on how much compensation costs have increased for… Read More ›
According to NAHB analysis of quarterly Census data, the count of multifamily, for-sale housing starts increased during the first quarter of 2022. At 11,000 units started, this was the best quarter for condo construction since the third quarter of 2008. As a result, the market share of rental units of multifamily construction starts decreased to 91% during the first quarter… 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 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 ›