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The May reading of 1.57 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts increased 4.2 percent to a 1.10 million seasonally adjusted annual rate. The multifamily sector, which includes apartment buildings and condos, increased 2.4 percent to a 474,000 pace. Read More

“So far, the economic recovery from the pandemic has disproportionately benefited Americans with bigger bank accounts,” said Redfin chief economist Daryl Fairweather. “This means a lot of the demand for homes is coming from folks who are well-off, while many lower-income Americans sit on the sidelines because they’ve been priced out of the housing market due to surging prices.” Read More

“High-End Home Sales Surge Nearly 2x as Fast as Mid-Priced Homes”. Redfin also reported that “Homes of Every Price Are Flying Off the Shelves”. Redfin is a technology-powered real estate broker, and self-describes as also running the country’s #1 real-estate brokerage site.  Read More

"The value of homeownership has never been greater as evidenced by the increase in active buyers this year," said NAHB chairman Chuck Fowke, a custom home builder. "Home builders are eager to meet this demand, but are hamstrung by high lumber costs. Policymakers must seek out solutions to resolve the lumber price problem to help more families achieve the American Dream." Read More

"The first quarter HBGI indicates that home building not only continued to overperform in lower cost markets like suburbs and exurbs, but also expanded the most rapidly for single-family and multifamily construction in areas with the shortest commutes," said NAHB chief economist Robert Dietz. "As workplaces increasingly adopt hybrid work models for roughly 30-40 percent of the American workforce, renters and buyers will have increased market power to minimize travel times and reduce both housing and transportation cost burdens." Read More

Real gross domestic product (GDP) increased at an annual rate of 6.4 percent in the first quarter of 2021, reflecting the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. Read More

Personal income decreased $3.21 trillion, or 13.1 percent at a monthly rate, while consumer spending increased $80.3 billion, or 0.5 percent, in April. Economic impact payments established by the American Rescue Plan Act, declined sharply in April. Read More

STATISTICS AND MARKETS 2020 U.S. Ceramic Tile Market Update * 14/05/2021 from Ceramic World Web Newsletter * In 2020 total ceramic tile sales in… Read More

We see the total flooring market this year being up about 15%, which is unprecedented. We see more than 5% next year. The residential market has already exceeded the 2019 peak, and commercial should get there in 2022, 2023 at the earliest. Read More

"Affordability factors are clearly affecting new home sales," said Chuck Fowke, chairman of the National Association of Home Builders (NAHB) and a custom home builder from Tampa, Fla. "A growing number of builders are limiting sales in order to manage supply chains, including access and cost factors associated with lumber, appliances, and other building materials. Policymakers need to find ways to improve the supply-chain, by facilitating more domestic production, or in cases where that cannot be done, suspending tariffs to allow for more imports." Read More