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New home sales up in August amid rising rates

A brief decline in mortgage rates helped to boost new home sales in August but sales are expected to move on a downward trend in the months ahead as rates have since moved higher and builder sentiment continues to fall due to declining housing affordability and ongoing supply chain bottlenecks. Read More

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Home Prices Made a 15.8% Annual Gain in July, Says Case-Shiller

Home prices made a 15.8% annual gain in July, down from 18.1% in the previous month, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions. Read More

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August Construction Starts Declined 9% to $1.25 Trillion

Total construction starts fell 9% in August to a seasonally adjusted annual rate of $1.25 trillion, according to Dodge Construction Network. The decline, however, comes on the heels of a massive increase in July that saw the start of three large manufacturing plants and two LNG export facilities. In August, nonresidential building starts rose 7%, residential starts were 1% higher, while nonbuilding starts lost 36%. Read More

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Multifamily starts surge in August

High mortgage rates and building production bottlenecks continue to act as a drag on the single-family housing market even as overall housing starts posted a double-digit gain in August due to a surge in multifamily production. Read More

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US floor covering imports report

Foreign-sourced products penetrated the U.S. floor coverings market before the pandemic, throughout the pandemic and during the pandemic recovery. Imports continue to take share from domestic manufacturers (whether shipped from a plant owned by a U.S.- or foreign-based company) despite re-shoring of some production, supply chain issues and additional tariffs placed on Chinese-made flooring. Read More

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Slow-Down in Home Sales Negatively Impacts Home-Goods Retailers

"Falling home sales are rippling through the economy, providing a window into how rising interest rates can cool spending, hiring and growth,” reports the Wall Street Journal. Read More

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Builder Confidence Declines to 46 in September

Builder confidence in the market for newly built single-family homes fell three points in September to 46, the lowest level since May 2014 with the exception of the spring of 2020, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Read More

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Consumer Sentiment Inched Up 2.2% in Early September

Consumer sentiment rose 2.2% in early September to 59.5, according to the University of Michigan Survey of Consumers. This represents an 18.3% decline year over year. Read More

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Mortgage Rate Tops 6% for First Time Since 2008

"Mortgage rates topped 6% this week, their highest level since 2008, giving a jolt to home buyers who last year were paying less than half that,” reports the Wall Street Journal. Read More

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August Retail Sales Rose 0.3% from July, Up 9.1% YOY

Advance estimates of U.S. retail and food services sales for August 2022 were $683.3 billion, an increase of 0.3% from the previous month, and 9.1% above August 2021, according to the U.S. Census Bureau. Read More