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.
The June BuildFax Housing Health Report revealed that construction spend climbs despite the U.S. housing slowdown. States with the highest increases in construction spend include Colorado, Washington and Florida.
Single-family housing authorizations decreased 2.75% year over year.
Maintenance and remodeling spend rises on a national level, while declines in existing housing activity persists.
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.
Repeat declines in single-family housing authorizations confirm the housing market slowdown is persisting. Housing activity in Dallas, New York City, Chicago and Washington D.C. rises despite housing market cooling.
On the state level, Nevada, Oregon and Florida led decreases in maintenance activity, a signal of shifts in consumer confidence. Demolition activity increases in 2018, highlighting reinvestment opportunities.
Following November’s blanket declines, new and existing housing activity decreases in December again. Simulation suggests recession probability could double between 2019 and 2020 if current trends persist.