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 August BuildFax Housing Health Report revealed that 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.
Single-family housing authorizations declined 4.17% year over year.
Housing stock in Hurricane Dorian-impacted North Carolina is still recovering from 2018 severe weather.
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.
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.