Low existing inventory and solid demand more than offset rising mortgage rates and elevated construction costs to boost new home sales last month. Sales of newly built, single-family homes in July increased 4.4% to a 714,000 seasonally adjusted annual rate from a downwardly revised reading in June, according to newly released data by the U.S. Department of Housing and Urban… Read More ›
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 2023, there were just 3,000 2- to 4-unit housing unit construction starts. This is down from a year prior…. Read More ›
Between 2021 and 2022, the state of Georgia gained 124,827 residents. This was the fourth largest population gain in the U.S. and one of only four states to have a nominal population increase above 100,000. In percentage terms, Georgia’s population grew at 1.2% between this time. This was the state’s highest percentage increase in population since 2016. Georgia’s population has… Read More ›
An expected impact of the virus crisis is a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022, and housing affordability worsened, the demand for home size has trended lower. According to second quarter 2023 data… Read More ›
Over the first six months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 449,226. On a year-over-year (YoY) basis, this is 20.9% below the June 2022 level of 567,798. Year-to-date ending in June, single-family permits declined in all four regions. The Northeast posted the lowest decline of 11.0%, while the West region reported the steepest… Read More ›
According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) edged up 0.2% in July (not seasonally adjusted). Building materials price growth has slowed considerably in 2023 with an average monthly increase of 0.2%–down from 0.7% in 2022 and 1.5% in 2021. Not since prior to the COVID-19 pandemic has… Read More ›
