The market experienced steady year-over-year growth across almost all housing indicators in September.
Single-family housing authorizations were up for the second consecutive month, signaling strong demand and homebuilder confidence in the market. New construction grew alongside construction employment in the U.S. last month. However, construction employment remains well below levels seen in the months preceding the pandemic, indicating room for growth in this segment.
Existing housing activity increased across all indicators except maintenance spend, which dipped slightly in September. Activity in this category may continue to grow at a steady pace as newly purchased homes undergo renovations or existing homeowners prep their property for sale.
New and Existing Housing Supply Activity, September 2020
- Single-family housing authorizations increased 6.09% year over year.
- Existing housing maintenance volume increased 3.61% year over year.
- Existing housing remodel volume increased 0.28% year over year.
Homebuying encounters an altered seasonality
The delayed 2020 homebuying season, which was affected by the emergence of COVID-19 in the United States, continues to experience steady growth heading into the fall. While housing activity usually boasts its strongest performance in the spring, sustained low interest rates and an improving economic outlook are expected to prolong homebuying and building activity throughout the fall.
Download the full report for a full view of the U.S. housing market activity in September.