Articles

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

Privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,793,000, 0.3% above the revised February estimate of 1,788,000 and 3.9% above the March 2021 rate of 1,725,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.  Read More

Rapidly rising interest rates combined with ongoing home price increases and higher construction costs continue to take a toll on builder confidence and housing affordability. “The housing market faces an inflection point as an unexpectedly quick rise in interest rates, rising home prices and escalating material costs have significantly decreased housing affordability conditions, particularly in the crucial entry-level market,” said NAHB chief economist Robert Dietz. Read More

Builder confidence in the market for newly built single-family homes moved two points lower to 77 in April, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This is the fourth straight month that builder sentiment has declined. Read More

The National Association of Home Builders (NAHB) released its NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter, posting a reading of 86, which remained unchanged compared to the first quarter of 2021. The finding is a signal of residential remodelers’ confidence in their markets, for projects of all sizes. “Business remains strong for most remodelers at the beginning of 2022,” said NAHB Remodelers chair Kurt Clason, a remodeler from Ossipee, N.H. “However, a few are starting to report that customers are reluctant to move forward on projects due to the delays and higher costs caused by supply chain problems.” Read More

In early April, consumer sentiment rose 10.6% over March to 65.7, but remains down 25.6% YOY,  according to preliminary results from the University of Michigan Survey of Consumers.  Read More

The Producer Price Index for final demand increased 1.4% in March, seasonally adjusted, the U.S. Bureau of Labor Statistics reported. This rise followed advances of 0.9% in February and 1.2% in January.  Read More

Investors who buy and then rent new homes are fast becoming a favorite customer of the homebuilder industry, reports the Wall Street Journal. Read More

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.2% in March on a seasonally adjusted basis after rising 0.8% in February, the U.S. Bureau of Labor Statistics reported. Read More

Rising mortgage interest rates, spurred by expected, significant tightening of monetary policy by the Federal Reserve, will aggravate housing affordability challenges in 2022, reports the National Association of Home Builders (NAHB) Read More