Tag Archives: housing market

Housing Starts Snap Back in April

Housing starts snapped back in April after dismal reports for February and March. Total starts last month grew at a 1.14 million-unit, annualized pace on top of an upward revision to the previous month. Gains were led by the Northeast region

Construction Spending: Better than the Headline

Construction spending dropped 0.6% in March but was revised up a bit during the previous two months. Losses were concentrated in the public sector with a further pullback in spending at the state and local levels exacerbating losses at the federal level. Residential construction also retreated after better gains in January and February. The bright [...]

Another Downdraft in Growth

Real GDP rose an almost negligible 0.2% in the first quarter, marking the fifth time that the economy has slowed to a standstill or worse since the onset of the “recovery” in 2009. Some of the weakness may be attributed to transitory factors

New Home Sales Slow

In March, new home sales slowed to a 481,000-unit rate after a surprisingly strong February, which was revised even higher to a 543,000-unit pace. That slowdown may seem discouraging but some giveback after the pop in February was expected. More interestingly, the median sales price of new homes actually contracted 1.7% on a year-over-year basis. [...]

Housing Starts Disappoint Again

Housing starts for March came in below expectations, adding only 926,000. Even though the data improved from last month, it did not rebound as strongly as many hoped. February data were revised up but only by 11,000 to 908,000. Single-family starts were much the same, adding only 618,000, which is only 26,000 higher than February. [...]

New Home Sales Buck Trend

New home sales sprang back in February, with a surge in spending on less expensive first-time buyer homes. The bulk of the increases occurred in the $200,000 to $299,000 and the $150,000 to $199,000 range. This marks a sharp shift down in price from earlier in the cycle and suggests builders are finally building less [...]

Existing Home Sales Remain Lackluster, Prices Continue to Rise

In February, existing home sales rose to a seasonally adjusted rate of 4.88 million units. Sales were only 60,000 units above last month’s pace, but are 220,000 units where we were last year. Sales fell in the Northeast as individuals were snowbound by record high snowfall. The West led with an increase of 60,000 units

Cold Weather Hammers Housing Starts

Total housing starts for February dropped to 897,000 on an annualized basis to levels not seen since September 2013. Severe winter weather played a significant role in the drop. All regions posted declines. The Northeast and Midwest posted the worst, dropping 61,000 and 57,000 respectively from last month. On a percentage basis, these declines were [...]

Construction Hit by Weather

Construction spending plummeted 1.1% in January as another relentless winter disrupted public and private sector projects alike; that was despite seasonal adjustment of the data. We experienced more weather disruptions in more places in February than January so the noise from distortions will likely get worse before it gets better. Losses were broad-based

New Home Sales Maintain Buoyancy

New home sales came in at a 481,000-unit pace in January, nearly even with the better-than-expected showing we saw in December. Moreover, in a shift that started late last year, gains were more concentrated in lower priced homes, which took down the median and average sale price