Housing’s share of the economy remained at 15.9% at the end of the third quarter of 2023. Overall GDP increased at a 4.9% annual rate, following a 2.1% increase in the second quarter of 2023 and 2.2% increase in the first quarter of 2023. Housing’s share of GDP remained at 15.9% for the third consecutive quarter in 2023. In the… Read More ›

The U.S. economy had remarkable growth in the third quarter of 2023, fueled by consumer spending. The GDP price index rose 3.5% for the third quarter, up from a 1.7% increase in the second quarter. The Personal Consumption Expenditures (PCE) Price Index, capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior, rose… Read More ›

NAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the all-cash share of new home sales climbed substantially in the third quarter of 2023 while VA-backed sales share fell by nearly half. Additionally, the median purchase price of homes bought with cash surged by one-third over the quarter. After declining each of the two prior quarters,… Read More ›

Despite mortgage rates topping 7%, Americans persist in their desire to buy a home.  According to the latest Housing Trends Report*, the share of adults with plans to purchase a home within a year edged up to 17% in the third quarter of 2023, up from 15% a quarter earlier.  The share has fluctuated up and down without a clear… Read More ›

Over the first eight months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 615,453. On a year-over-year (YoY) basis, this is 15.6% below the August 2022 level of 728,866. Year-to-date ending in August, single-family permits declined in all four regions. The range of permit decline spanned 10.7% in the Northeast to 21.7% in the West…. Read More ›

According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) was unchanged in September (not seasonally adjusted) after climbing 0.4% in August.  Prices have increased 0.8%, year-to-date, the smallest YTD gain through September since 2019. The Producer Price Index for all final demand goods rose 0.9% in September after increasing… Read More ›