Single-family housing authorizations increased by 1.21% year over year in May. However, the pace of year-over-year growth has slowed in recent months, in step with declining homebuilder sentiment, which fell eight points in May to the lowest reading since June 2020, according to the National Association of Home Builders. The sharp rise in mortgage rates …
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Single-family housing authorizations increased in May, 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 …
Read MoreMaintenance volumes experienced the first, albeit slight, year-over-year decline for the first time since May 2020, when existing housing activity started to show signs of recovery following the onset of the COVID-19 pandemic. Following strong growth in 2020 and 2021, home renovation activity may begin to cool down in step with the broader housing market. …
Read MoreMaintenance volumes experienced the first, albeit slight, year-over-year decline for the first time since May 2020, which could be an indication that consumer confidence in the housing market is shifting. This comes at an inflection point in the housing market as rising interest rates decrease housing affordability. Download the full report for the latest insights …
Read MoreThe average interest rate for a 30-year mortgage in the United States jumped to 4.67% for the week ending March 31, 2022, the highest reading since December 2018, according to Freddie Mac. Mortgage rates have risen steadily for a month, driven higher by the Federal Reserve’s effort to combat inflation, and placing pressure on prospective …
Read MoreSingle-family housing authorizations increased 2.70% year over year in March, although the pace of growth slowed from February. While one month of slowed growth is not necessarily indicative of a trend, it could suggest a turning point, just as the Federal Reserve’s tightening monetary policy is shifting to decrease demand. Download the full report for …
Read MoreThe annual inflation rate accelerated to 7.9% in February, the highest level seen since the 1980s, according to the Labor Department’s Bureau of Labor Statistics. New and existing home construction experienced increases across the board in February despite rising inflation. Single-family housing activity increased nearly 5% year over year. Although new construction rose in February, …
Read MoreNew and existing home construction experienced increases across the board in February, despite the annual inflation rate reaching its highest level in nearly 40 years. Remodel activity notably increased, breaking a six-month streak of consecutive year-over-year declines, aligning with a rebound in home seller sentiment. However, recent geopolitical events could negatively impact the housing market …
Read MoreHomebuilder confidence dipped in January for the first time in four months, according to the National Association of Homebuilders. Despite homebuilder hesitation, year-over-year new construction growth edged higher in January. While strong consumer demand and the acute housing shortage support the need for new construction, the combination of higher building material costs, worsening labor shortages, …
Read MoreNew construction edged higher in January, although homebuilder confidence dipped as inflation concerns mounted. The combination of higher building material costs, worsening labor shortages, and rising mortgage rates point to another competitive year in the housing market. Download the full report for the latest insights on U.S. housing activity. The BuildFax Housing Health Report leverages …
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