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BEA News: Gross Domestic Product, First Quarter 2022 (Advance Estimate)

Real gross domestic product (GDP) decreased at an annual rate of 1.4 percent in the first quarter of 2022, following an increase of 6.9 percent in the fourth quarter of 2021. Read More

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Lack of affordability slows new home sales

Worsening affordability conditions stemming from growing supply chain disruptions and rising mortgage rates pushed new home sales lower in March. Sales of newly built, single-family homes in March fell 8.6 percent to a 763,000 seasonally adjusted annual rate from an upwardly revised reading in February, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. New home sales are down 12.6 percent compared to March 2021. Read More

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New Home Sales Declined 8.6% in March

Sales of new single‐family houses in March 2022 were at a seasonally adjusted annual rate of 763,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development, 8.6% below the revised February rate of 835,000 and 12.6% below the March 2021 estimate of 873,000. Read More

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Total Construction Starts Drop 12% in March

Total construction starts fell 12% in March to a seasonally adjusted annual rate of $903.8 billion, according to Dodge Construction Network. Nonresidential building starts lost 29%, in part due to the start of three large manufacturing facilities in the prior month. When those three large projects are removed, nonresidential starts in March would have risen 10%. Residential starts also fell 3%, and nonbuilding starts lost 2%. Read More

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Remodel Spending Expected to Grow in 2022, Slow in 2023

Expenditures for improvements and repairs to the owner-occupied housing stock are expected to grow throughout 2022 and into early next year, but at a decelerating pace, according to the Leading Indicator of Remodeling Activity (LIRA) by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.  The LIRA projects year-over-year increases in residential renovation and maintenance spending will peak at 19.7% in Q3 of this year before sliding downward to 15.1% in Q1 2023. Read More

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U.S. Home Price Median Hit High of $375,300 in March

U.S. home prices soared to a new record in March while mortgage rates continued to rise rapidly, slowing home sales in what has been the hottest housing market in more than 15 years, reports the Wall Street Journal.  Read More

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Single-Family Permits Decline in March as Affordability Woes Continue

The single-family housing market continued to show signs of softening in March as permits and starts declined due to rising mortgage interest rates and ongoing supply chain bottlenecks that continue to delay construction projects and raise home building costs. Due to strong multifamily production, overall housing starts increased 0.3% to a seasonally adjusted annual rate of 1.79 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Read More

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CTDA Article from Italian Newpaper on Clay supply Shortage due to Ukraine Conflict

CTDA Article from Italian Newpaper on Clay supply Shortage due to Ukraine Conflict Below is an article… Read More

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Architectural Billings Rose from 51.3 in February to 58.0 in March

The Architecture Billings Index (ABI) score for March was 58.0, up from a score of 51.3 in February, according to The American Institute of Architects (AIA). Any score above 50 indicates an increase in billings. Read More

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Existing-Home Sales Declined 2.7% in March

Total existing-home sales dipped 2.7% from February to a seasonally adjusted annual rate of 5.77 million in March, according to the National Association of Realtors. Year-over-year, sales fell 4.5% (6.04 million in March 2021). "The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power," said Lawrence Yun, NAR's chief economist. "Still, homes are selling rapidly, and home price gains remain in the double-digits." Read More