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.
In May, remodeling activity grew across most major metros, with Philadelphia and Chicago experiencing the most substantial growth year over year, up 85.54% and 40.43%, respectively.
New and existing housing activity increased for the ninth consecutive month in April, however, the building materials shortage may threaten the pace of growth.
The U.S. housing market has recovered beyond its pre-pandemic pace since showing first signs of a slowdown one year prior.
Exterior home renovations have increased to accommodate new lifestyle norms brought on by the COVID-19 pandemic.
Despite a wavering economic recovery amid the persisting COVID-19 pandemic, housing activity enters 2021 on strong footing with increases across almost all indicators.
Housing activity was a bright spot for the economy in 2020 with growth likely to continue into 2021 to help curb the persisting housing shortage.
Maintenance spend skyrocketed in November likely driven, in part, by rising costs of building materials and strong remodeler demand.