Monday October 26th, 2020 02:44:17 PM Robert Dietz
After a surge in the pace of new home sales in July and August, the growth rate of newly built single-family home slowed in September. While still strong, the growth rate of new home sales exceeded construction starts by a historic margin at the end of the summer, necessitating an increase in starts and some slowing of sales. According to… Read More ›
The post New Home Sales Growth Rate Slows in September first appeared on Eye On Housing.
Strong new and existing home sales in the summer of 2020 may have been a factor contributing to buyers’ improved expectations for housing availability. According to the latest Housing Trends Report**, 28% of prospective buyers in the third quarter of 2020 expect their search for a home to become easier in the months ahead, while 61% percent expect it will… Read More ›
The post Expectations for Housing Availability Improve first appeared on Eye On Housing.
With the recent increases in the price of many residential construction materials, and in particular softwood lumber, NAHB wanted to get a better understanding of how these price increases are impacting remodelers. In the Q3 2020 Remodeling Market Index (RMI), remodelers were asked to report on material shortages, if any, as well as material price changes over the last six… Read More ›
The post 77% of Remodelers Report A Framing Lumber Shortage first appeared on Eye On Housing.
Friday October 23rd, 2020 02:00:25 PM Ashok Chaluvadi
According to the Census Bureau’s Survey of Construction, the share of new homes started with 5,000 square feet or more of living space stood at 2.71 percent in 2019, down slightly from 2.88 percent in 2018. A total of 24,000 5,000+ square-foot homes were started in 2019, compared to 25,000 in 2018. The slight decline in 5,000+ square foot homes… Read More ›
The post Share of 5,000+ Square Foot Homes Down Slightly in 2019 first appeared on Eye On Housing.
Weekly initial jobless claims decreased for the week ending October 17, and continuing claims, which lag initial jobless claims by one week, fell for the week ending October 10. The decreases in initial and continuing claims partially reflect that labor market continues to recover from the COVID-19 pandemic, albeit slowly. Also, as unemployment benefits are expiring, claimants may move to… Read More ›
The post Initial Jobless Claims Fall to 787,000 first appeared on Eye On Housing.
Thursday October 22nd, 2020 03:54:52 PM Fan-Yu Kuo
Boosted by historically low mortgage rates, existing home sales, as reported by the National Association of Realtors (NAR), rose for a fourth consecutive month in September and reached its highest level in more than 14 ½ years. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, increased 9.4% to a seasonally adjusted annual rate of 6.54 million in… Read More ›
The post Existing Home Sales Surge Despite Record-Low Supply first appeared on Eye On Housing.
Thursday October 22nd, 2020 02:00:06 PM Rose Quint
According to NAHB’s latest Housing Trends Report, the share of Americans who are considering the purchase of a home in the next 12 months was 13% in the third quarter of 2020, one percentage point higher than a year earlier and the first year-over-year gain in the 3-year history of this series. The gain shows the COVID-19 crisis has impacted… Read More ›
The post COVID-19 Has Impacted Home Purchasing Plans first appeared on Eye On Housing.
Wednesday October 21st, 2020 06:30:51 PM Litic Murali
The Mortgage Bankers Association’s latest Weekly Application Survey shows that, for the week ending October 16, 2020, mortgage application activity decreased by 0.6% from the prior week on a seasonally adjusted basis, as indicated by its Market Composite Index. One of its two constituent indexes, the Purchasing Index, decreased by 2.1% from one week earlier, while the other, the Refinance… Read More ›
The post Refinancing Remains Robust first appeared on Eye On Housing.
Wednesday October 21st, 2020 02:00:55 PM Danushka Nanayakkara-Skillington
Nonfarm payroll employment increased in 41 states in September compared to the previous month. The largest increase came from New York, which added 109,300 jobs during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 661,000 over the month of September, following an increase of 1.5 million jobs in August. Month-over-month (MoM), total… Read More ›
The post Slower Jobs Gains in September: State-Level Analysis first appeared on Eye On Housing.
Tuesday October 20th, 2020 01:15:04 PM Robert Dietz
Single-family starts experienced continued gains in September, according to data from the U.S. Department of Housing and Urban Development and the Census Bureau. Contrasting the different subsectors of housing, while single-family permits are showing continued strength, multifamily permits continue to weaken as a consequence of the 2020 virus crisis. The pace of single-family starts in September was the highest production… Read More ›
The post Home Building Continues Historic Climb first appeared on Eye On Housing.
Home Deport reported sales growth that missed Wall Street’s forecasts. The company specifically cited a ‘slow start’ to spring as a problem. Bad weather did hurt sales. But rising mortgage rates might be a bigger problem going forward.