Single-Family Permits Decline in July 2023

By Housing
Over the first seven months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 527,158. On a year-over-year (YoY) basis, this is 18.4% below the July 2022 level of 645,877. Year-to-date ending in July, single-family permits declined in all four regions. The Northeast posted the lowest decline of 12.1%, while the West region reported the steepest… Read More ›

Building Materials Prices Remain Stable but Diesel Skyrockets 40% in August

By Housing
According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) ticked up 0.1% in August (not seasonally adjusted).  Prices have also increased 0.2% over the past 12 months as year-over-year price growth has slowed from 4.9% in January 2023 and 14.7% in August 2022. The 12-month increase is the smallest… Read More ›

Inflation Accelerates for Second Straight Month

By Housing
Consumer prices in August saw the largest monthly gain since June 2022, primarily driven by a surge in gasoline costs. Core service inflation excluding housing was little changed in August, suggesting that the path toward disinflation ahead still has some fluctuations. Meanwhile, shelter costs continued to remain at a high level and was the second-largest contributor to the increase in… Read More ›

Mortgage Activity Low as Rates Remain Above Seven Percent

By Housing
Per the Mortgage Bankers Association’s (MBA) survey through the week ending September 8th, total mortgage activity decreased 0.8% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose six basis points to 7.27%. The FRM rate has remained above 7% since the start of August. The Market Composite Index, a measure of mortgage loan application volume, fell… Read More ›

Revolving Credit Growth Reaccelerates in July

By Housing
Consumer credit outstanding growth slowed to 2.5% in July, down from 3.4% in July (SAAR) according to the Federal Reserve’s latest G.19 Consumer Credit report. Revolving credit growth reaccelerated to 9.2% in July, potentially reflecting strong consumer sentiment and job security in a tight—albeit cooling—labor market. In contrast, nonrevolving consumer debt outstanding inched up just 0.2% over the month. Total… Read More ›

Who Are NAHB’s Associate Members?

By Housing
Every year since 2008, the NAHB has conducted a member census in order to better understand the composition and characteristics of the people who belong to its organization.  Similar to a previous post about builder members, NAHB conducted a related analysis of its associate members.  In 2022, 65% of NAHB’s members were associate members—those involved in a wide range of… Read More ›