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

Housing Wire

Home construction New home construction ramped up early in the pandemic but moderated as interest rates ticked up and mortgage rates followed. The seasonally adjusted annual rates of homes permitted, started, under construction and completed all remain well above pre-pandemic levels but below the peaks reached in the last three years.

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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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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 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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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%. The builders will pull back on construction when the supply is 6.5 From Census: For Sale Inventory and Months’ Supply, The seasonally?adjusted months of supply is still under construction 2.1

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HW+ Member Spotlight: Nicollette Chapman

Housing Wire

I appreciate HousingWire’s diversity in approaching all sides of real estate, from technology to economics. Nicollette Chapman: One of my first jobs in the real estate industry was working as a business development representative for a title company. There is always an opportunity to learn and grow.

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

Housing Wire

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. The builders will pull back on construction when the supply is 6.5

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