The value of building permits in Canada grew to CA$10.14 billion in September, an 8.2% increase compared to August, driven by the increasing value of multi-family residential permits, according to data released by Statistics Canada on Tuesday. That growth marks a reversal from the drop in residential permit value in August, but non-residential permit ... READ MORE >
housing
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. The data points directly to a housing market that remains robust as home prices ... READ MORE >
North American housing markets remain bullish
In spite of the pandemic, the U.S. and Canadian housing markets have seen significant growth over the past year as individuals and families stuck in apartments were driven to the suburbs in search of bigger homes with space to live, work and play. In addition to a rise in demand for single-family housing, housing supply shortages, higher material prices, ... READ MORE >
CHART OF THE DAY: Existing home sales slump but market remains hot
Sales of existing homes decreased 3.7% in March to an annual rate of 6.01 million for the second straight monthly decline, according to data from the National Association of Realtors released Thursday. But the decline was mostly driven by the dearth of inventory in the market, which continues to be below 1 million and came in at 900,000 in ... READ MORE >
CHART OF THE DAY: Existing home supply lags demand and spike in real estate agents
Demand for residential property is high as individuals and families located in dense urban areas or states with heavy COVID-19 lockdown protocols consider the South and West as locations for vacation homes. As a result, the existing home supply is in short order; in February, the most recent month for which data is available, the supply of existing homes ... READ MORE >
CHART OF THE DAY: New home sales cool as inventory remains limited
New single-family home sales dropped 3.5% from August to September as the robust market began to cool heading into the fall months, the Commerce Department reported on Monday. The decline was expected after the heightened pace of sales over the summer, with many urban renters fleeing to the suburban market and existing home inventory at record lows. Even ... READ MORE >
There is no cooling the housing market as homebuilder confidence surges
The U.S. homebuilder confidence index continues to reach new heights, rising to 85 in October, according to data from the National Association of Home Builders released on Monday. The reading was stronger than the median forecast of 83, marking the sixth straight month that the index has exceeded the consensus estimate. All three components of the ... READ MORE >
CHART OF THE DAY: Home builder optimism reaches record high
Many industries are still recuperating from the impact of the pandemic, but housing has been fortunate to experience a V-shaped recovery. Not only has the Housing Market Index from the National Association of Home Builders recovered to pre-pandemic levels, it has now matched December 1998 for an all-time high in the index’s 35-year history. All three index ... READ MORE >
Housing market follows the severe contraction of the broader economy
The residential construction and home improvement industries, which were so promising heading into 2020, now will be among those sectors hardest hit by the coronavirus. The National Association of Home Builders’ monthly confidence index was in free fall in April, plunging 42 points month over month to a rating of 30 – the largest decline ever in the 30 ... READ MORE >
Housing was set to soar. Then the coronavirus hit.
Just a few weeks ago, the housing market was poised to take off. Home builders had changed strategy to focus on entry-level homes to serve a growing need in the market. Permits and housing starts were at 10-year highs. Wage growth and unemployment were strong. Interest rates were down to 3.5%, bringing the market back to a level last seen in 2013. It all ... READ MORE >