The BuildFax Housing Health Report leverages U.S. property condition and history data to provide insights into macro- and microeconomic trends are affecting the U.S. housing market. In June, single family housing authorizations, maintenance and remodel activity decreased, but construction spend on the existing housing stock rose substantially. This suggests the tightening labor construction and materials markets are impacting the price of maintenance work and remodels cost.
On the state-level, the highest increases in maintenance spend were in Colorado, Washington and Florida which are all popular and relatively affordable housing markets, suggesting these markets are willing to pay a higher price for construction compared to those in affordability-strained states like New York and California.
Key findings include:
- Decreases in single-family housing authorizations perpetuate slowdown.
- Maintenance and remodeling spend rises on a national level, while declines in existing housing activity persists.
- Colorado, Florida and Washington lead state-level increases in maintenance spend, likely due to the states’ popular, more affordable housing markets.
In light of the housing slowdown, what regions are seeing the highest increases in construction costs? Download the report to learn more.