The U.S. government is reporting that total construction spending in July, 2023 was at a seasonally adjusted annual rate of $1,972.6 billion, which is 0.7% higher than June’s revised estimate and 5.5% higher than one year ago. Residential construction came in at a seasonally adjusted annual rate of $879 billion in July, which is 1.4% higher than June’s revised estimate. Click here to read the full report at the U.S. Census Bureau.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices were up 3% over Q2 2022 though Q2 2023. In addition, they report prices were up 1.7% compared to the first quarter of 2023 and up 0.3% from May to June, 2023. The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. “U.S. house prices appreciated at a slightly higher rate in the second quarter…
The National Association of Realtors is reporting that pending home sales were up 0.9% in July, 2023. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 77.6 in July. The NAR says all four U.S. regions saw year-over-year declines in transactions. “Jobs are being added and, thereby, enlarging the pool of prospective home buyers. However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many.” Said the NAR’s Chief Economist, Lawrence Yun. Click here to read the full report at the National Association of Realtors.
This Monday, September 4th is Labor Day. This weekend marks the unofficial end of Summer and ushers in the Fall season – although Summer doesn’t officially end until September 23rd. Today’s graphic from the U.S. Census Bureau gives a a quick snapshot of select American occupations, broken down by male/female. As always, have a Happy Friday…..and, of course, Have a Safe and Happy Labor Day Weekend!!! Here are some facts from the U.S. Department of Labor’s History of Labor Day: “Observed the first Monday in September, Labor Day is an annual celebration of the social and economic achievements of American…
A new program from Zillow Home Loans is offering potential home-buyers a 1% down payment on their home purchase. The program, currently being rolled out in Arizona (with plans to expand), says qualified buyers who come up with a 1% down payment will matched by Zillow with an additional 2% at closing. Zillow says their 1% Down Payment program lowers the down payment barrier and increases access to the housing market for eligible borrowers. “For those who can afford higher rent payments but have been held back by the upfront costs associated with homeownership, down payment assistance can help to…
The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 0% annual change for June, 2023. Their 10-City Composite decreased 0.5% and their 20-City Composite decreased 1.2%, year-over-year. However, all 20 major metro markets reported month-over-month price increases for the fourth straight month “As we’ve noted previously, the recovery in home prices is broadly based. Prices rose in all 20 cities in June, both before and after seasonal adjustment. Over the last 12 months, 10 cities show positive returns. Otherwise said, half the cities in our sample now sit at all-time high prices.” Said Craig J. Lazzara,…
A recent report from CoreLogic says while HELOC activity hit a 15-year high in 2022 (the highest level since mid-2007), the numbers declined during the first half of 2023. Interestingly, they say that the HELOC market is keeping pace with its pre-pandemic level. “…the HELOC landscape has changed dramatically so far in 2023, as the elevated interest rates of the past six months discourage homeowners from pursuing such loans.” Click here to read the full report at CoreLogic.
According to Black Knight’s latest Mortgage Monitor, the total U.S. loan delinquency rate (loans 30 days+ past due but not in foreclosure) was 3.21% in July, up 2.89% from June and down 3.56% year over year. In addition, serious delinquencies (90+ days past due) continued to decrease, falling to 468K – the lowest level seen since the pre-Great Financial Crisis housing market peak and down 161K (-26%) from July 2022. Click here to read the full report at Black Knight.
A recent commentary published in the Hill by Sharon Wilson Géno (president of the National Multifamily Housing Council) says national rent control will make the housing crisis worse. She says the current housing crisis is the result of decades of broken public policy and repeated unwillingness to invest needed government resources in housing. The article highlights some great points about the destructive nature of government imposed rent control policies. Below are some excerpts: “Our current housing crisis is the result of decades of broken policy and repeated unwillingness to invest needed government resources in housing. The pandemic then drove the…
The U.S. Government is reporting that sales of new single-family houses in July, 2023 were at a seasonally adjusted annual rate of 714k, which is 4.4% higher than June’s revised rate and is 31.5% higher than one year ago. The median sales price of new houses sold in July was $436,700 with an average sales price of $513k. There were an estimated 437k new houses for sale at the end of July representing a 7.3-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
