Eye On Housing
With this post NAHB announces the release of its latest estimates of spending on improvements to owner-occupied homes at the zip code level. The new estimates are for calendar year 2018 and include the number of owner-occupied homes, the number with improvement spending during the year, the average spending per improved home, total spending on improvements within the zip code, and the drivers of remodeling activity used to… Read More ›
Existing-home sales decreased 2.5% in April to a level 1.4% below a year ago, and sales have now decreased year-over-year for two consecutive months. The first-time buyer share of 33% was an increase from last month, but remains down from 34% a year ago. The National Association of Realtors reported that 57% of homes sold last month were on the… Read More ›
According to a recent NAHB survey, “desire for better/newer amenities” and “need to repair/replace old components” once again ranked as the top reasons owners remodel their homes. However, several other reasons to remodel are gaining ground, particularly the desire to be able to age in place. The survey took the form of a special question on NAHB’s Remodeling Market Index (RMI) instrument for the first quarter of 2018. … Read More ›
Ninety-one percent of remodelers reported shortages of labor available to perform finished or rough carpentry work, and over 40 percent said these shortages were serious, in response to special questions on NAHB’s Remodeling Market Index (RMI) survey for the 3rd quarter of 2017. The RMI survey asked remodelers about availability of labor in 15 specific occupations that were either specifically recommended by Home Builders… Read More ›
May is National Home Remodeling Month. Following the tradition established in recent years, the month’s first related post covers the most common types of remodeling projects performed by NAHB Remodelers during the previous calendar year. Results come from a special question on NAHB’s Remodeling Market Index (RMI) survey for the first quarter of 2018. The results show kitchen and bathroom remodeling… Read More ›
Pending home sales increased slightly in March, but the lack of choice among prospective buyers continues to impede the number of new contracts. The Pending Home Sales Index increased 0.4% in March, but remains 3.0% below the level a year ago, and the PHSI declined on an annualized basis for the third straight month. The Pending Home Sales Index (PHSI)… Read More ›
Existing-home sales increased 1.1% in March, but remain down 1.2% from a year ago. The first-time buyer share of 30% is also down from 32% a year ago. The National Association of Realtors reported that 50% of homes sold last month were on the market less than a month. The March inventory increased 5.7%, but remains 7.2% below the level… Read More ›
The Remodeling Market Index (RMI) dipped three points to 57 in the first quarter of 2018, according to the National Association of Homebuilders. For 20 consecutive quarters the RMI has been at or above 50, which indicates that more remodelers report market activity is higher compared to the prior quarter than report it is lower (Figure 1). The overall RMI… Read More ›
With the release of the final estimate of fourth quarter 2017 GDP growth (a 2.5% annual growth rate), housing’s share of gross domestic product (GDP) rose slightly to 15.4%. The home building and remodeling component – residential fixed investment – also increased slightly, rising to 3.5%. Housing-related activities contribute to GDP in two basic ways. The first is through residential fixed investment (RFI). RFI is effectively the measure… Read More ›
NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate of $533.4 billion in February, a gain of 0.1% from the upwardly revised estimate of January. Over the past 12 months, total private residential construction spending was up 5.5%. The monthly gains are largely attributed to the large increase… Read More ›