Economics

Housing Prices Likely to Remain High as Supply Remains Low, Disproportionately Affecting Minorities

Filed in Economics, Housing Affordability by on June 17, 2021 0 Comments
Housing Prices Likely to Remain High as Supply Remains Low, Disproportionately Affecting Minorities

The pandemic has not only created a shift in housing demand; it has also shone a brighter light on housing disparities, according to The State of the Nation’s Housing 2021 report from Harvard University’s Joint Center for Housing Studies.

Continue Reading »

Single-Family Starts Steady in May

Filed in Economics by on June 16, 2021 0 Comments
Single-Family Starts Steady in May

Overall housing starts increased 3.6% in May to a seasonally adjusted annual rate of 1.57 million units off of a downwardly revised April reading, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Continue Reading »

Rising Material Challenges, Declining Builder Sentiment

Filed in Economics, Material Costs, Trends by on June 15, 2021 17 Comments
Rising Material Challenges, Declining Builder Sentiment

Home builder confidence dipped to its lowest level since August 2020 on rising material prices and supply chain shortages, according to the latest NAHB/Wells Fargo Housing Market Index (HMI).

Continue Reading »

Record Number of Builders Report Material Shortages

Filed in Economics, Material Costs, Trends by on June 2, 2021 8 Comments
Record Number of Builders Report Material Shortages

Shortages of materials are now more widespread than at any at any time since NAHB began tracking the issue in the 1990s, with more than 90% of builders reporting shortages of appliances, framing lumber and OSB.

Continue Reading »

Home Building at Fastest Pace in Areas with Shortest Commute Times

Filed in Economics, Trends by on June 1, 2021 3 Comments
Home Building at Fastest Pace in Areas with Shortest Commute Times

Home building across the nation expanded the fastest in places with the shortest commute times, according to the quarterly NAHB Home Building Geography Index (HBGI) released today. The HBGI also shows the suburban shift in new home construction to low density, low cost markets stemming largely from the COVID-19 pandemic and first reported in the second quarter of 2020 continued into 2021.

Continue Reading »

Median Age of Construction Worker In Line with National Average

Filed in Economics, Workforce Development by on May 26, 2021 1 Comment
Median Age of Construction Worker In Line with National Average

According to NAHB analysis of the most recent 2019 American Community Survey data, the median age of a construction worker is 41 — the same as the national average.

Continue Reading »

New Home Sales Soften in April with Growing Housing Affordability Concerns

Filed in Economics, Housing Affordability by on May 25, 2021 11 Comments
New Home Sales Soften in April with Growing Housing Affordability Concerns

Rising building materials costs and low inventory have caused new home sales prices to jump 20% on a year-over-year basis, harming housing affordability and driving down the pace of new home sales. Sales of newly built, single-family homes fell 5.9%, following a significant downward revision of the March estimate, to a 863,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Continue Reading »

Real Estate Industry Unified Against White House Tax Proposals

Filed in Advocacy, Housing Affordability, Tax Reform by on May 24, 2021 4 Comments
Real Estate Industry Unified Against White House Tax Proposals

NAHB, along with the major real estate trade associations representing both the commercial and residential real estate sectors, pushed back in identical joint statements to the House Ways and Means Committee and the Senate Finance Committee on tax increases proposed as part of the Biden administration’s push on infrastructure.

Continue Reading »

Construction Self-Employment Rates at Record Low

Filed in Economics, Trends by on May 24, 2021 1 Comment
Construction Self-Employment Rates at Record Low

The current construction self-employment rate is now the lowest on record, according to the 2019 American Community Survey. Today, 22% (2.4 million) of construction workers are self-employed, down from a record high of more than 26% in 2010.

Continue Reading »

Multifamily Construction Sentiment Improves in First Quarter of 2021

Filed in Economics, Multifamily by on May 20, 2021 1 Comment
Multifamily Construction Sentiment Improves in First Quarter of 2021

Confidence in the market for new multifamily housing increased in the first quarter of 2021, according to results from the Multifamily Market Survey (MMS) released today by NAHB.

Continue Reading »