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 May, month-over-month single family housing authorizations rose slightly, but the trailing three-month outlook still declined 4.76% year over year. This is in stark contrast to May 2018, when the trailing three-month view increased 7.78% over 2017.
On the metro-level, five of the 10 largest metropolitan statistical areas are still seeing a rise in remodeling activity, which suggests these metros are either withstanding or slow to follow national trends. The two most notable increases were in Philadelphia and Chicago, which rose 15.20% and 5.06% respectively.
Key findings include:
- Single-family housing authorizations experience modest month-over-month rise for the first time since January this year.
- Demand for construction labor and increased pressure from tariffs on building materials have driven up maintenance spend.
- Five of the top 10 major metropolitan statistical areas experience year-over-year increases in remodeling activity.
In light of the housing slowdown, how is metro-level remodeling performing? Download the report to learn more.