The BuildFax Housing Health Report provides monthly insight into the health of the U.S. housing market with a particular focus on single-family housing authorizations and existing housing maintenance trends.
Housing activity is showing signs of improvement, especially across maintenance and remodeling activity. The rate of new construction is still shy of 2018’s rapid pace, but month-over-month increases suggest lower mortgage rates are providing a slight boost to the market.
Single-family housing authorizations increased 3.57% year over year.
New York City, Philadelphia, and Washington D.C. lead major metro housing activity.
Single-family housing authorizations declined for the third straight quarter while maintenance and remodeling volumes experienced a slow rise after six months of decreasing activity.
Maintenance and remodel volumes see simultaneous year-over-year rises for the first time since September 2018, likely a result of soaring roof maintenance activity.
Decreases in single-family housing authorizations perpetuate slowdown. However, Colorado, Florida and Washington lead state-level increases in maintenance spend.
The May report revealed that as the U.S. housing market slows, remodeling is still on the rise in five major metros, led by Philadelphia and Chicago.
Hurricane recovery persists in natural disaster-prone states. The overlapping storm recovery for Irma and Michael is important for insurance carriers to monitor before 2019’s hurricane season is in full swing.
Maintenance activity increases in hail and hurricane-impacted states despite nationwide declines. Entering hail season, historic storms provide insight into anticipated repairs.