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.
COVID-19 reached its peak in the United States last month and the housing market felt the strain of the pandemic. A record number of houses were pulled off the market, new construction slowed, and existing home sales decreased.
Maintenance and remodeling activity turned down sharply in March, as the COVID-19 outbreak led to shelter-in-place orders across the nation.
Single-family housing authorizations decreased 7.21% month over month, signaling potential COVID-19 concerns. Meanwhile, the trailing three-month outlook rose 7.42%.
Housing activity enters 2020 on a strong note with increases across almost all major indicators.
The trailing three-month outlook (October to December 2019) grew 5.77%. Additionally, for a majority of the past decade, as domestic migration decreased, maintenance increased.
Increases in single-family housing authorizations reach new highs in November. The probability of a recession dropped to 42% in November from nearly 50% earlier in the year.
Single-family housing authorizations increase year over year for the first time in more than a year. California housing activity experiences notable growth in wildfire-impacted regions.