Trends

Residential Construction: Net Job Gains Offset Losses from the Pandemic

Filed in Economics, Labor, Trends by on January 11, 2021 1 Comment
Residential Construction: Net Job Gains Offset Losses from the Pandemic

From May through December, the number of new residential construction jobs that were created offset the total amount of jobs that were lost earlier in 2020 due to the COVID-19 pandemic.

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Where Are the Largest Homes Built?

Filed in Economics, Trends by on December 9, 2020 0 Comments
Where Are the Largest Homes Built?

The pre-COVID-19 trend of declining home size has been universal across U.S. regions, according to NAHB’s analysis of the 2019 Survey of Construction data. Nevertheless, regional differences in new home sizes exist, with some of the largest single-family spec homes built in the Middle Atlantic and some of the largest custom homes built by contractors in the Mountain division.

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Suburban Shift for Home Construction Continues into Third Quarter

Filed in Economics, Trends by on December 1, 2020 1 Comment
Suburban Shift for Home Construction Continues into Third Quarter

A trend of higher demand for housing in lower-density areas reported in the second quarter NAHB Home Building Geography Index (HBGI) has persisted into the fall, as single-family and multifamily construction continued to overperform in lower cost markets like suburbs and exurbs.

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Home Owners Shift Expenses from Entertainment to Home Improvement

Filed in Economics, Remodeling, Trends by on November 23, 2020 2 Comments
Home Owners Shift Expenses from Entertainment to Home Improvement

HomeAdvisor’s latest “State of Home Spending” survey revealed that home owners spent an average of $13,138 on home-improvement projects in 2020, compared to $9,081 in 2019.

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Some Buyers Perceive an Uptick in Affordability

Filed in Economics, Housing Affordability, Trends by on November 10, 2020 1 Comment
Some Buyers Perceive an Uptick in Affordability

The Housing Trends Report for the third quarter of 2020 shows that 27% of buyers report being able to afford half or more of the homes for sale in their markets. A year earlier, the share was 20%.

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Construction Wages Top the National Average

Filed in Economics, Trends by on November 9, 2020 0 Comments
Construction Wages Top the National Average

Half of payroll workers in construction earn more than $49,030 and the top 25% make at least $68,690, according to the 2019 Bureau of Labor Statistics Occupational Employment Statistics (OES) Survey data and analysis by NAHB. In comparison, the U.S. median wage is $39,810, while the top quartile (top 25%) makes at least $64,240.

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Lack of Inventory, Higher Prices Push Housing Affordability Near Two-Year Low

Filed in Economics, Trends by on November 5, 2020 1 Comment
Lack of Inventory, Higher Prices Push Housing Affordability Near Two-Year Low

Record-low mortgage rates were not enough to offset inventory shortages and rising home prices as housing affordability continued to decline in the third quarter of 2020, according to the NAHB/Wells Fargo Housing Opportunity Index (HOI) released today.

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Low Mortgage Rates Converting More Passive Buyers into Active Buyers

Filed in Economics, Trends by on November 3, 2020 0 Comments
Low Mortgage Rates Converting More Passive Buyers into Active Buyers

NAHB’s most recent Housing Trends Report finds that, of the 13% of American adults considering a future home purchase in the third quarter of 2020, 50% have moved beyond planning and are actively trying to find one to buy — compared to 44% a year ago.

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Expectations for Housing Availability Improve

Filed in Economics, Trends by on October 27, 2020 1 Comment
Expectations for Housing Availability Improve

More than one-in-four prospective buyers (28%) 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 be harder or stay the same, according to the latest Housing Trends Report.

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Home Buying Interest Increases Amid COVID-19

Filed in Disaster Response, Economics, Trends by on October 23, 2020 3 Comments
Home Buying Interest Increases Amid COVID-19

According to data from NAHB’s latest Housing Trends Report, in the third quarter of 2020, the share of Americans who are considering purchasing a home in the next 12 months increased one percentage point over last year — the first year-over-year gain in the three-year history of this series.

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