Articles

Housing affordability fell to its lowest level since the National Association of Home Builders (NAHB) began tracking it on a consistent basis in 2012 as rising mortgage rates, ongoing building material supply chain disruptions, high inflation and elevated home prices pushed the housing market into a recession. Read More

The number of job openings increased to 10.7 million on the last business day of September, the U.S. Bureau of Labor Statistics reported. Read More

Personal income increased $78.9 billion, or 0.4 percent at a monthly rate, while consumer spending increased $113.0 billion, or 0.6 percent, in September. Read More

Mohawk announced sales of $2.9 billion in Q3 2022, an increase of 3.6% compared to sales of $2.8 billion in Q3 2021. For the same period, the company reported a net loss of $534 million, compared to earnings of $271 million in Q3 2021. Read More

Consumer sentiment rose 2.2% to 59.9 in October, according to results from the University of Michigan Survey of Consumers. This represents a 16.5% decline year over year. Read More

Rising mortgage rates approaching 7% along with declining builder sentiment stemming from stubbornly high construction costs and weakening consumer demand pushed new-home sales down at a double-digit rate in September. Read More

The declining U.S. housing market has finally caught up with the domestic kitchen and bath industry causing dollar sales growth to slow. Dollar sales gains, however, are being held up by rising prices as manufacturers pass through rising material, labor and transportation costs. Read More

Total construction starts decreased 19% in September to a seasonally adjusted annual rate of $1.02 trillion, according to Dodge Construction Network. In September, nonresidential building starts dropped 23%, residential starts fell 11%, and nonbuilding starts declined by 25%. Read More

Annual gains in improvement and maintenance expenditures to owner-occupied homes are expected to decline sharply by the middle of next year, according to the Leading Indicator of Remodeling Activity (LIRA) by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. Read More

Privately‐owned housing starts in September were at a seasonally adjusted annual rate of 1,439,000, 8.1% below the revised August estimate of 1,566,000 and 7.7% below the September 2021 rate of 1,559,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Read More