Elevated mortgage rates acted as a drag on new home sales in November, but with the economy now apparently past peak interest rates for this cycle, sales are expected to rise as we move into the new year. Sales of newly built, single-family homes in November fell 12.2% to a 590,000 seasonally adjusted annual rate, according to newly released data… Read More ›
NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $129 billion in taxes were paid by property owners in the third quarter of 2023 (not seasonally adjusted).[1] In the four quarters ending Q3 2023, state and local governments collected $757 billion of property tax revenue—an 11.6% increase over Q3 2022. The year-over-year growth rate of property tax revenue… Read More ›
Consumer confidence jumped to a five-month high as consumers were more optimistic about inflation and the economic outlook. This optimism was primarily driven by slowing inflation, expectations of lower interest rates, and fading fears of recession. The Consumer Confidence Index, reported by the Conference Board, rose 9.7 points from 101.0 to 110.7 in December, the highest level since August 2023…. Read More ›
Existing home sales rose in November from a 13-year low, ending a five-month decline, according to the National Association of Realtors (NAR). This increase in sales was driven by a strong gain in the South, where homes are considered more affordable. Low inventory and strong demand continued to drive up existing home prices. However, recent declines in mortgage rates and… Read More ›
Single-family construction surged in November as lower mortgage rates helped to assuage affordability concerns and unleash pent-up demand for housing. Overall housing starts increased 14.8% in November to a seasonally adjusted annual rate of 1.56 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The November reading of 1.56… Read More ›
Falling mortgage rates helped end a four-month decline in builder confidence, and recent economic data signal improving housing conditions heading into 2024. Builder confidence in the market for newly built single-family homes rose three points to 37 in December, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). With mortgage rates down roughly 50 basis… Read More ›
