New home sales rose in February, climbing for the third month in a row as mortgage rates eased off their highs of the past year and buyers looked to new construction amid historically low inventory of existing homes for sale.Sales of newly constructed homes were up 1.1% in February from January, but fell 19% from a year ago, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. February’s
Sales of newly built single-family homes rose 1.1% in February while the average sale price climbed to just under $500K, according to data released Thursday by the US Census BureauSales of newly constructed single-family homes remained mostly flat during February, marking only a modest increase ahead of the spring buying season, according to data released Thursday by the U.S. Census Bureau.Sales of newly built single-family homes rose 1.1 per
A dip in mortgage rates and a backlog of empty homes helped power sales of newly constructed houses for the second-straight month in January, according to data from the US Census BureauSales of newly constructed homes surged between December and January, notching the strongest sales pace since at least March 2022, new data shows.New-home sales clocked in at a seasonally adjusted rate of 670,000 units in January, 7.2 percent higher than&
On the multifamily front, high costs and a greater concern for the environment are spurring efforts to cut construction time and expense while increasing sustainability.In the multifamily space, the need for new building processes and materials and the possibility of paring construction and labor costs are generating a buzz. This is especially true as rising costs and inflation, labor shortages and an increased concern for the environment continu
Builder confidence rose 7 points in February, to 42, according to the latest NAHB Housing Market Index. It's the highest score since September and the largest 1-month increase in a decadeThe outlook for the housing market has improved for two-consecutive months, leaving builders cautiously optimistic as the spring homebuying season fast approaches, according to the latest Wells Fargo/National Association of Home Builders Housing Market Index
Pending home sales increased in December for the first time in six months, and new-home sales and mortgage applications are rising.New housing data released this week offers hope that the market slowdown may be short lived. Pending home sales rose 2.5% in December, ending a six-month slide, the National Association of REALTORS® reported Friday. New-home sales also rose 2.3% last month, according to the Commerce Department, and mortgage applicati
Overall housing starts clocked in at a seasonally adjusted annual rate of 1,382,000, 1.4% below levels recorded in November, according to new data released Thursday by the US Census BureauHousing starts, permits and completions all posted declines in December with increased production of single-family homes the lone bright spot for the month, according to data released Thursday by the U.S. Census Bureau.Housing start
Builder sentiment in the single-family housing market posted an unexpected gain in January, rising for the first time in 12 straight months. Economists had predicted a slight decline.Sentiment rose 4 points to 35 on the National Association of Home Builders/Wells Fargo Housing Market Index. Anything below 50 is still considered negative sentiment. The metric stood at 83 in January 2022.“It appears the low point for builder sentiment in this cyc
Given the increases in mortgage rates that have transpired, significant slides in homebuilding activity are being taken for granted in the U.S. and Canada. Based on the latest housing starts statistics, this is already underway and clearly apparent in the former more than in the latter. See Graph 8 below, where Canadian housing starts have been moving mostly sideways throughout this year, while U.S. starts have been exhibiting significant decline
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