Eye On Housing

• Single-Family Permits: Declines in the Midwest and Northeast
  Over the first nine months of 2018, the total number of single-family permits issued year-to-date (YTD) nationwide reached 664,665. On a year-over-year basis, this is a 5.7% increase over the September 2017 level of 628,858. The preliminary results from the New Residential Construction Survey are similar, year-to-date single-family permits over the first nine months of […]
• Most Buyers Don’t Expect House Hunting to Get Easier Soon
  Only about 2 out of every 10 prospective home buyers (people looking to buy a home in the next year) expect the search for a home to get easier in the months ahead. The majority, about 7 out of 10, instead think house hunting will get harder or stay about the same.  This opinion is […]
• Energy Prices Pushed CPI Higher in October
  The CPI accelerated over the month of October reflecting an increases in energy prices and the “core” CPI. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.3% on a seasonally adjusted basis in October, faster than the 0.1% increase in September. It was the fastest monthly growth rate […]
• Modular and Other Non-Site Built Housing
  The total market share of non-site built single-family homes was 3.3% of single-family completions in 2017, according to Census Bureau Survey of Construction data and NAHB analysis. This share is expected to rise in 2018 and in the years ahead, due to the ongoing labor shortage in the residential construction sector and the need to […]
• Only 13% of Adults Plan to Buy a House in Next 12 Months
  According to the Housing Trends Report (HTR)* for the third quarter of 2018, only 13% of adults are planning to purchase a home in the next 12 months.  Most of these prospective buyers (58%) report this is the first time in their lives they would be buying a home. Planning to Buy a Home in Next […]
• Softwood Lumber Price Decline Largest in Seven Years
  Softwood lumber prices fell 10.3% in October—the largest drop since May 2011—according to the latest Producer Price Index (PPI) release by the Bureau of Labor Statistics. The producer price index for softwood lumber has fallen 21.2% since setting the cycle and all-time high in June (see below). Even after the decrease, however, the index currently […]
• Housing Affordability Edges Lower in the Third Quarter
  A modest increase in interest rates and home prices kept housing affordability at a 10-year low in the third quarter of 2018, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). In all, 56.4 percent of new and existing homes sold between the beginning of July and end of September […]
• Number of Bathrooms in New Homes
  Every year, the US Census Bureau publishes data on the characteristics of new single-family homes started in its Survey of Construction, including data on full and half bathrooms. In 2017, 4 percent of new single-family homes started had 1 full bathroom or less, 60 percent had 2 full bathrooms, 27 percent had 3 full bathrooms, […]
• Open Construction Jobs Decline Off Cycle High
  The count of unfilled jobs in the construction sector pulled back in September, off a upwardly revised August estimate that marked a post-recession high. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs decreased to 278,000 in September. The August estimate of open […]
• Problems with Lot Availability Remain Widespread
  In a recent NAHB survey, 65 percent of builders reported that the overall supply of developed lots in their areas was low to very low. This is up only one percent from June 2017, but significantly higher than the 42 percent posted in September 2012. The survey consisted of special questions appended to the instrument […]