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.

NewHousing Supply

Single-family housing authorizations declined -15.36 year over year in November.

Single-family housing authorizations -15.36% Y/Y decrease in November 2023

NewHousing Supply

Single-family housing authorizations declined -15.36 year over year in November.

Single-family housing authorizations -15.36% Y/Y decrease in November 2023

Existing Housing Supply

Maintenance volumes were down 10.27 year over year in November. Remodels, a subset of maintenance that includes renovations, additions, and alterations, decreased 10.82% year over year in November.

Maintenance volumes declined -10.27.% Y/Y declined in November 2023

Existing Housing Supply

Maintenance volumes were down 10.27 year over year in November. Remodels, a subset of maintenance that includes renovations, additions, and alterations, decreased 10.82% year over year in November.

Maintenance volumes declined -10.27.% Y/Y declined in November 2023

From The Desk

“The housing market continues to slow down in the 15.36% percent year over year range. Single-family housing authorizations dropped 15.36% year over year in November. This is a shift from a few months where year over year trends had been flat.

The housing market continues to feel the impact of lower demand due to higher mortgage rates and continued economic uncertainty. With more and more people staying in their homes due to home prices relative to 2022 and 2021, recent declines are likely just the beginning of what’s likely to be a pullback in new construction.”

Chris Schaum, Director

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In May 2022 , 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. To explore current information please email Chris.Schaum@verisk.com.