Surprise Lift for New Home Sales in July

By Housing
Sales of new homes rose unexpectedly in July, following significant revisions in the previous months data. Sales of newly built, single-family homes in July rose 10.6% to a 739,000 seasonally adjusted annual rate from significant upward revisions in June, according to newly released data from the U.S. Department of Housing and Urban Development and the…

Existing Home Sales Edge Higher in July

By Housing
Existing home sales increased for the first time in five months, according to the National Association of Realtors (NAR), as improving inventory and declining mortgage rates motivated some buyers to act. Despite these changes, sales remained sluggish and low inventory continued to push up median home prices. However, we expect increased activity in the coming…

Second Quarter Multifamily Missing Middle

By Housing
The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the second quarter of 2024, there were just 3,000 2- to 4-unit housing unit construction starts. This is…

Construction: 45,000 Fewer Jobs Created than Estimated

By Housing
The labor market may not be as strong as previously estimated, according to the Bureau of Labor Statistics’ preliminary estimate of the upcoming annual benchmark revision to the establishment survey employment series. Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to full population counts of employment for the month of March….

Best Quarter for Custom Home Building in Almost Two Years

By Housing
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates gains for custom home building after some recent slowing. Custom home building typically involves home buyers less sensitive to changes for interest rates. There were 52,000 total custom building starts during the second quarter of 2024. This marks an almost…