Consumer prices in September remained stable, with housing and gasoline cost continuing to be key drivers. Despite the slight annual slowdown, shelter costs remain elevated, accounting for over 70% of the total increase in all items excluding food and energy. The Fed’s ability to address rising housing costs is limited as shelter cost increases are driven by a lack of… Read More ›
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the third quarter of 2023 posted a reading of 65, edging down 3 points from the previous quarter. While there is still demand for remodeling, some customers are pulling back on potential projects due to higher prices and increased interest rates. Even though remodeling spending has experienced some slow down over the… Read More ›
Per the Mortgage Bankers Association’s (MBA) survey through the week ending October 6th, total mortgage activity increased 0.6% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose 14 basis points to 7.67%. The FRM rate has increased 40 basis points over the past month to its highest level since 2000. The Market Composite Index, a measure… Read More ›
In a new study, NAHB uses the 2021 American Housing Survey (AHS) to investigate the characteristics of recent home buyers, defined as households who purchased homes in the two years preceding the date the 2021 AHS was conducted. According to this criterion, roughly 10.2 million households recently bought and moved to a new home. The study focuses on two important… Read More ›
Job growth remained solid in September as the Fed fights against inflation. In fact, the recent jobs data has been stronger than most economists expected and is a reminder that GDP growth for the third quarter will be very strong and inflation risks persist. Total nonfarm payroll employment increased by 336,000 and the unemployment rate remained at 3.8% in September…. Read More ›
NAHB analysis of the 2022 American Community Survey data shows that New Jersey leads the nation with the highest average annual real estate tax (RET) bill ($9,285)—$8,425 more than yearly property taxes paid by Alabama’s homeowners ($860). The size of this disparity grew 1.1% in 2022 and has increased 9.3% since 2017. Vermont was the only state for which the… Read More ›
