Housing Wire

JANUARY 17, 2024

New home construction exploded early in the pandemic as soaring home demand squeezed existing inventory nationwide, giving homebuilders a much bigger share of a shrinking pie. Index values for most construction inputs are down from 2022 but remain above pre-pandemic levels. Index values for December published last week.

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Housing Wire

APRIL 11, 2022

Given the current housing inventory crisis, it might surprise people to realize this: we built too many homes during the housing bubble years. Yes, but this is where my work is much different from other housing economists and why we need to think of inventory in a new, modern 21st-century mindset. Wait, what?

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Housing Wire

JUNE 17, 2021

“Since reaching a survey-high 927,000 units in October 2020, the annual pace of new home sales has now fallen around 20 percent, weighed down by low housing inventory and rising prices,” said Kan. That’s more than 50% above above the May 2020 rate — when the COVID-19 pandemic was at its height in the country — of 1.05

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Housing Wire

MARCH 17, 2022

Census Bureau released their construction report for February, showing a positive trend in housing construction data with a lovely print in housing permits at 1,859,000 and housing starts at 1,769,000. So far, housing construction has done well during 2020-2022 considering the economic drama. Today, the U.S.

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Housing Wire

JUNE 3, 2022

After a month of very little change in April , the construction sector had a solid month of job growth in May, according to the U.S. Construction gained 36,000 jobs in May, with residential building adding 5,000 jobs and residential specialty trade contractors gain 11,700 jobs. The post Residential construction jobs now 7.6%

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Housing Wire

MAY 6, 2021

of homes sold in the fourth quarter of 2020 that were affordable to households earning the median income of $78,500. “After a surprising gain for housing affordability in 2020 that was driven by historically low interest rates, housing emerged as a bright spot for the overall economy,” said NAHB Chairman Chuck Fowke.

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Housing Wire

MARCH 29, 2022

Given the current housing inventory crisis, it might surprise people to realize this: we built too many homes during the housing bubble years. Yes, but this is where my work is much different from other housing economists and why we need to think of inventory in a new, modern 21st-century mindset. Wait, what?

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Housing Wire

FEBRUARY 13, 2024

While Alabama agents might feel good about their state’s prospects as a migratory hotspot, they must also face the repercussions of a growing population — namely increased pressure on the state’s already constrained housing inventory. Inventory was the theme last year and it is shaping up to be the theme this year,” Ellison said.

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Housing Wire

JUNE 2, 2022

I always try to focus people on the total inventory data until we get inventory back into a range of 1.52-1.93 million; we are still in a savagely unhealthy housing market because the price growth we have seen since 2020 has more to do with supply than demand. Months are homes under construction 0.8 Then this happened.

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Housing Wire

JUNE 7, 2021

Because that period followed a housing boom and bust when inventory was overbuilt. We first had to whittle down the excess inventory and get our financial house in order (i.e., million until 2020-2024. We ended 2020 with just 1,380,000 starts. We still have not seen housing starts begin the year at the level.

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Housing Wire

MAY 8, 2023

A key source of affordable housing inventory was cut in half over the last three years, resulting from well-intended but heavy-handed efforts to keep delinquent borrowers in homes. That key source of affordable housing inventory: distressed properties sold to third-party buyers or repossessed by lenders at foreclosure auction.

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Housing Wire

OCTOBER 26, 2020

When mortgage rates got to 4.75% -5% in 2018, demand fell and inventory for new homes went up. This dramatically slowed the rate of growth in construction in 2019. Details from the Census Bureau/HUD report released today : Sales of new single-family houses in September 2020 were at a seasonally adjusted annual rate of 959,000.

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Housing Wire

AUGUST 15, 2023

With strong demand and limited options for existing homes, many homebuyers are turning to new construction. Mortgage applications for new construction home purchases increased 35.5% of purchase applications came from the FHA , the highest share since May 2020. On a monthly basis, applications ticked up by 0.2%. Overall, 24.2%

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Housing Wire

MARCH 1, 2024

We were up year over year in inventory , but we were at a 25 year low on new listings.” From a seller’s standpoint it may make a bit more sense to sell now, so we are creating some more inventory and buyer are taking advantage of lower rates and more stable home prices.” Last year was a tough one for the Indiana real estate market.

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Housing Wire

DECEMBER 2, 2020

As 2020 comes to an end, realtor.com ’s economists believe that the housing inventory shortage won’t be as dire in 2021. Additional lockdowns and quarantines due to COVID-19 could put a dent in housing inventory and sales, potentially slowing down the market and putting increased pressure on buyers, the forecast said.

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Housing Wire

DECEMBER 23, 2020

From the Census Bureau: “Sales of new single-family houses in November 2020 were at a seasonally adjusted annual rate of 841,000, according to estimates released jointly today by the U.S. We don’t need to be concerned about the moderation in the new home sales data because inventory is still low. This represents a supply of 4.1

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Housing Wire

FEBRUARY 4, 2022

unemployment rate recorded in February 2020, just prior to the Covid-19 pandemic. After months of growth, the construction sector lost 5,000 jobs in January from December, due to the loss of 9,500 jobs in heavy and civil engineering construction. Residential building construction employment is up 5.3% in December.

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Housing Wire

DECEMBER 29, 2023

And with the ability to buy down consumers’ mortgage rates while still maintaining double-digit margins, new construction grew to comprise roughly 30% of total housing inventory in 2023, more than double a normal year. Let’s look at the new construction forecast for 2024. million new single-family construction units in 2024.

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Housing Wire

AUGUST 18, 2021

in July compared to the prior month, an indication that construction supply lines are still choked and near record-high home prices are shutting out scores of buyers. “There are now almost 690,000 single-family homes under construction – the largest number since 2007. Housing starts in the U.S. million units. .

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Housing Wire

DECEMBER 7, 2020

housing market was the single best outperforming economic sector globally during the COVID-19 pandemic in 2020. months, builders will halt the rate of growth for new construction plans as they did in 2018 and again for a brief period this year. For now, though, the low inventory means housing starts have legs to move higher.

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Housing Wire

AUGUST 16, 2024

One key data line that is flagging a path to recession is the loss of residential construction workers. Today, housing starts activity is at the levels we saw during the brief pandemic-fueled recession of 2020. Let’s look at today’s residential construction report and see where we are. Why is this happening?

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Housing Wire

JULY 26, 2021

months , which puts inventory right back into the range we had in the previous expansion. months and above, the builders will pull back on construction. months and above, the builders will pull back on construction. From Census: For Sale Inventory and Months’ Supply: The seasonally?

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Housing Wire

JUNE 2, 2021

This week’s data was compared to mortgage applications from the week of Memorial Day in 2020. Tight housing inventory, obstacles to a faster rate of new construction, and rapidly rising home prices continue to hold back purchase activity,” Kan said. “Even though rates have been below 3.2% the previous week.

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Housing Wire

JULY 26, 2022

This data line confirms what we all know to be the case: The housing market, at least as it relates to construction, is in a recession. Since the summer of 2020, I have genuinely believed the housing market could change once the 10-year yield broke over 1.94%. “I don’t expect a boom in housing construction.

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Housing Wire

OCTOBER 13, 2021

The rapid increase in home prices over the past year is due to a number of colliding factors, including low interest rates, tight housing inventory, pandemic-induced migration patterns and an increase in millennials entering the home buying market. Goldman Sachs economists predict that home prices will grow another 16% by the end of 2022.

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Housing Wire

NOVEMBER 25, 2020

million until we reached the years 2020-2024. Only then would we see enough demand from the new home sales market to warrant that much construction. Higher levels of Inventory in the range of 4.4 If inventory breaks over 6.5 months, then the market has issues, and builders will likely stall on construction.

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Housing Wire

MARCH 23, 2022

For 2020-2024, I set some critical parameters for sales and price growth, knowing that this marketplace will be different from the market we had from 2008 to 2019. million or higher during 2020-2024. The demographic bump in 2020-2024 is giving us a push in demand. months and above, the builders will pull back on construction.

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Housing Wire

JULY 13, 2022

Looking at the housing market in the years 2020-2024, one risk i identified early on was that home prices could accelerate more in this period than we saw in the previous expansion if inventory channels broke to all-time lows. Back then, we had higher sales, higher inventory, and less price growth, but we had a massive credit bubble.

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Housing Wire

SEPTEMBER 21, 2021

homebuilders started construction on 1.615 million homes in August, up 3.9% higher than the August 2020 rate. higher than the August 2020 rate. This increase comes as builders continue to face material shortages and a tight construction labor market. from July 2021 and 17.4% Census Bureau and the U.S. Additionally, 1.33

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Housing Wire

AUGUST 17, 2021

But there are definitely a few main things to looks out for — many of which are carrying over from a turbulent 2020 and early 2021 — when it comes to the upcoming landscape for the rest of 2021: Lack of inventory Fluctuating interest rates Increased adoption of technology. Inventory issues. All about the rates.

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Housing Wire

MARCH 22, 2021

Homebuyers who offer all-cash improve their chances of winning a bidding war by 290%, per Redfin’s study of clients buying homes between June 2020 and February 2021. The result: a bottleneck with scores of would-be buyers in a low-inventory market. Anything below list price, regardless of the terms, just can’t compete.”

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Housing Wire

JANUARY 31, 2024

CoreLogic Principal Economist Molly Boesel told HousingWire the 2022 price boom was largely “a spillover from the for-sale market,” which has been stuck in a prolonged inventory crunch in the present high-mortgage-rate environment. Nationally, multifamily construction has grown at a faster rate than single-family construction.

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Housing Wire

JULY 20, 2021

” Mark Palim, deputy chief economist at Fannie Mae , said anecdotal reports of builders delaying or turning down orders to clear a growing construction backlog appears to be borne out by the recent housing starts data. With lumber prices recently pulling back, we expect some near-term strength in construction. million and 1.92

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Housing Wire

APRIL 25, 2023

You know, the one that says we have too much inventory and millions of vacant homes in the U.S.? According to this theory, we have more homes under construction than any time in history. population growth means we will become Japan, but I’ve been focused on demographics and how that will affect housing from 2020-2024.

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Housing Wire

JANUARY 19, 2022

You always want to be skeptical of any housing starts data that comes in too strong or too negative from the trend, and we had some specific factors in this report that boosted multifamily construction. percent)* above the December 2020 rate of 1,661,000. percent) above the December 2020 rate of 1,758,000. percent (±10.1

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Housing Wire

MAY 27, 2021

In fact, homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved more than $2,800 dollars annually. Record low rates lit the fire under what was a scorching hot market in 2020 with some economists speculating rising rates may be the best option for cooling it back down.

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Housing Wire

MARCH 27, 2024

Those advantages, coupled with cheap land, made the city a favorite for homebuilders like DR Horton and Lennar that brought plenty of new inventory to market. In this environment of high rates and tight inventory, brokerages have had to become sharp elbowed. Listings jumped at both the state and city levels in 2021 and 2022.

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