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DataDigest: What the latest data says about home prices, construction and sales

Housing Wire

Census Bureau and the Department of Housing and Urban Development. Home construction New home construction ramped up early in the pandemic but moderated as interest rates ticked up and mortgage rates followed. The rate of homes under construction has roughly plateaued since April 2022. The figure – up 17.7%

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New home sales make it clear: Housing is in a recession

Housing Wire

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. We talked about this in March , and even last year, when I wrote about the problem with the housing construction boom premise. “I don’t expect a boom in housing construction.

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Higher rates flip the homebuilders’ fortunes (again)

Housing Wire

Census Bureau and the Department of Housing and Urban Development. As we can see in the chart below, we are still below the recession levels of 2000 and really trending at 1996 levels. Homebuilders’ for-sale inventory and months’ supply The seasonally-adjusted estimate of new houses for sale at the end of January was 439,000.

Inventory 470
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US housing market is short 5.5 million homes, NAR says

Housing Wire

According to the lobbying group, construction of long-term housing fell 5.5 The NAR is calling for a “major national commitment” to build more housing of all types by expanding resources, addressing barriers to new development and making new housing construction an integral part of a national infrastructure strategy.

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New home sales beats estimates, but what does it mean?

Housing Wire

Census Bureau and the Department of Housing and Urban Development. As you can see below, new home sales are still below the 2000 recession level, and we just had a significant spike in mortgage rates too. Census: For Sale Inventory and Months’ Supply The seasonally?adjusted Five months of the supply are homes in construction.

Inventory 464
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Homebuilders are feeling pretty good right now

Housing Wire

New home construction is taking on an increased role in the marketplace because many home owners with loans well below current mortgage rates are electing to stay put, and this is keeping the supply of existing homes at a very low level ,” Alicia Huey, the NAHB chair, said in a statement. That share from 2000-2019 was a 12.7%

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Where’s the bottom for new home sales?

Housing Wire

New home sales are now below the recession levels of 2000 and have fallen all the way to 1996 levels, when interest rates were near 8%. Census Bureau and the Department of Housing and Urban Development. The builders will pull back on construction when the supply is 6.5 months of supply is still under construction 2.1