According to the Federal Reserve Board’s July 2023 Senior Loan Officer Opinion Survey (SLOOS)—conducted for bank lending activity over the second quarter of 2023—banks reported that lending standards tightened for all residential real estate (RRE) and commercial real estate (CRE) loan categories. Demand for RRE and CRE loans weakened across all categories over the quarter. Moreover, banks expect their lending… Read More ›
NAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the share of new home sales backed by FHA loans climbed from 12.1% (revised) to 14.0% in the second quarter of 2023. It is the largest share since Q1 2021 but roughly three percentage points lower than the post-Great Recession average. Conventional loans financed 73.7%… Read More ›
The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 65.9% in the second quarter of 2023, amid persistently tight housing supply. The homeownership rate remained statistically unchanged from the first quarter reading (66%). Compared to the peak of 69.2% in 2004, the homeownership rate is 3.3 percentage points lower and remains below the 25-year average rate… Read More ›
An earlier post revealed that 69% of buyers who were actively engaged in the process of finding a home in the second quarter of 2023 have spent 3+ months searching for a home without success. The inability to find an affordable home remains the most common reason buyers looking for 3+ months can’t make a purchase, cited by 38% (although… Read More ›
Despite lower perceptions of affordability, the share of prospective home buyers who are actively engaged in the purchase process (i.e., have moved beyond the planning phase) remained essentially unchanged between the first and second quarters of 2023, at 56% and 55%, respectively. The lack of change in this metric suggests that some buyers are willing to continue trying to find… Read More ›
Housing’s share of the economy remained at 15.8% at the end of the second quarter of 2023. Overall GDP increased at a 2.4% annual rate, following a 2.0% increase in the first quarter of 2023 and 2.6% increase in the fourth quarter of 2022. Despite overall GDP increasing for the fourth consecutive quarter, housing’s share of GDP remained to 15.8%… Read More ›
