BuildFax Housing Health Report

Discover the latest trends affecting the overall health of the U.S. housing market with monthly updates on new construction and remodeling activity across the country. Contact us to discuss what is happening in your market.

New Housing Supply

Single-family housing authorizations declined -33.03% year over year in February.

Single-family housing authorizations -33.03% Y/Y decrease in February 2023

New Housing Supply

Single-family housing authorizations declined -33.03% year over year in February.

Single-family housing authorizations -33.03% Y/Y decrease in February 2023

Existing Housing Supply

Maintenance volumes increased 5.95% year over year in February. Remodels, a subset of maintenance that includes renovations, additions, and alterations, increased 8.95% year over year in February.

Maintenance volumes 5.95% Y/Y increase in February 2023

Existing Housing Supply

Maintenance volumes increased 5.95% year over year in February. Remodels, a subset of maintenance that includes renovations, additions, and alterations, increased 8.95% year over year in February.

Maintenance volumes 5.95% Y/Y increase in February 2023

From The Desk

“The housing market is slowing down considerably. Single-family housing authorizations dropped 33.03%% year over year in February.

The housing market continues to feel the impact of lower demand due to higher mortgage rates and economic uncertainty. With the Federal Reserve raising interest rates again and economic uncertainty looming, recent declines are likely just the beginning of what’s likely to be a sharp pullback in new construction.”

Chris Schaum, Director

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In May, single-family housing authorizations increased, but the pace of year-over-year growth has slowed in recent months in step with declining homebuilder sentiment. Affordability challenges posed by rising mortgage rates, high home prices, and expensive building materials have weakened buyer demand. It is likely the housing market will remain at a slower pace than what was seen at the beginning of the year.