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 ›
The Federal Reserve has been supporting the housing market during the virus crisis, the 2020 recession, and the subsequent, ongoing recovery via asset-backed purchases (among other tools), including $40 billion a month of mortgage-backed security (MBS) purchases. These MBS purchases have held interest rates lower than they otherwise would have been. Today, the Fed moved closer to announcing a tapering… Read More ›
As tight inventory continued to push up prices, existing home sales fell in August but remain above pre-pandemic levels, according to the National Association of Realtors (NAR). Though the median existing home prices has increased 34% since January 2020, housing demand remains strong thanks to low mortgage rates and buyers are waiting for more inventory. Total existing home sales, including… Read More ›
Builder confidence inched up in September on lower lumber prices and strong housing demand, even as the housing sector continues to grapple with building material supply chain issues and labor challenges. Ending a three-month decline, builder sentiment in the market for newly built single-family homes edged up one point to 76 in September, according to the NAHB/Wells Fargo Housing Market Index (HMI) released today.
