The sales number was an upside surprise to earlier estimates of 6.1 million units, pointing to a stronger-than-expected housing market last month. … READ MORE >
Real estate
Chart of the day: U.S. housing starts and permits slowed amid shortages
Housing starts and permits stayed below expectations in September, signaling a supply slowdown because of shortages of materials and labor. … READ MORE >
Housing starts in Canada fall for the fourth consecutive month
Housing starts in Canada fell 4.42% to 251,151 in September in another sign of the continuing shortages of raw materials and labor that have gripped the economy. … READ MORE >
Lessons from the American Dream mega-mall
The tortured history of American Dream is a lesson in how ambitious plans with the best of intentions can go awry. … READ MORE >
Americans spent more on building homes than on building anything else for the first time in 14 years
In another sign of the housing market’s continued strength, U.S. spending on residential buildings—both private and public—increased by 0.4% in August to $795.5 billion, while nonresidential spending declined by 0.4% to $788.6 billion, on a seasonally adjusted annual rate. … READ MORE >
Building permits in Canada continued to fall with material shortages
The value of building permits in Canada decreased by 2.1% in August from July to a seasonally adjusted 9.66 billion Canadian dollars as developers continued to feel the effect of supply and labour shortages. … READ MORE >
Flood insurance premiums to increase for coastal property owners
The long-sought changes to the National Flood Insurance Program are designed to shift the cost of owning properties in flood-prone areas onto homeowners and are part of an effort to encourage development away from coastal areas that have been battered by flooding-related disasters. … READ MORE >
Chart of the day: Pending home sales rose a surprising 8.1% in August
Pending sales of homes bounced back strongly in August with an 8.1% increase after two consecutive months of declines, according to data released Wednesday by the National Association of Realtors. … READ MORE >
Chart of the day: Sales of existing homes drop amid high prices
Existing home sales in August inched down 2.0% to 5.88 million, following an upwardly revised 6.00 million in July. … READ MORE >
Home builders, facing shortage of materials, can’t meet soaring demand
Even as the housing market continues to lead the U.S. economic recovery, home builders, whipsawed by more than a year of dramatic changes fueled by the pandemic, are facing new pressures as they try to meet surging demand. … READ MORE >