According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) increased 0.2% in November after declining 0.4% in October (revised, not seasonally adjusted).  The index has increased 0.8% (NSA), year-to-date, marking the smallest YTD gain through November since it fell 0.2% over the first 11 months of 2019. Prices have… Read More ›

Per the Mortgage Bankers Association’s (MBA) survey through the week ending December 8th, total mortgage activity increased 7.4% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate fell 10 basis points to 7.07%. The FRM rate has decreased by 54 basis points over the past month. The Market Composite Index, a measure of mortgage loan application volume,… Read More ›

According to the 2023 third quarter release of the Federal Reserve Z.1 Financial Accounts of the United States, household real estate assets grew for the second consecutive quarter. The continued lack of existing for-sale inventory has contributed to the growth in households’ real estate assets. The level of household real estate assets increased by $510.25 billion from $45.03 trillion in… Read More ›

In November, total nonfarm payroll employment increased by 199,000 and the unemployment rate declined to 3.7%, from 3.9% in October. The labor market continues to moderate. The Fed held interest rates steady for the second meeting in a row at the conclusion of its November meeting. This month’s employment data will be one of the key components in determining whether… Read More ›

According to data from the Census Bureau’s Survey of Construction (SOC), 62.6% of single-family homes started in 2022 were built within a community or homeowner’s association.  This marks the second year in a row that the share declined, from the high point of 67.1% posted in 2020, and 65.5% in 2021.  Prior to 2021 the share had been on a… Read More ›

Information obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, shows the share of new homes with a two-story foyer slightly increased in 2022. The increase was particularly notable in West South Central and New England. However, most new single-family homes were built without a two-story foyer nationally and regionally. According to the Census, a… Read More ›