Solving the Housing Crisis Means Building when No One is Buying Right now, builders have too many homes and not enough people to sell them to. In the long term, the United States has the opposite problem: Not enough houses for all the people who want them. Read More The New York Times https://www.nytimes.com/2022/07/23/business/housing-market-crisis-supply.html
Read MoreYear: 2022
7/26/2022 – MetroIntelligence Economic Update by P. DUFFY
MetroIntelligence Economic Update by P. DUFFY July U.S. economic index slumps to 47.5, the sharpest monthly decline since May 2020 The headline Flash US PMI Composite Output Index registered 47.5 in July, down notably from 52.3 in June to signal a solid contraction in private sector output. The rate of decline was the sharpest since the initial stages of the pandemic in May 2020, as both manufacturers and service providers reported subdued demand conditions. https://www.pmi.spglobal.com/Public/Home/PressRelease/52db97a5557c433d855b74a46c5ecff6 Time to build a single-family home 12 days longer in 2021 due to supply…
Read MoreConstruction Breaks Ground on Affordable Senior Housing Project in Bronx’s Mount Hope
Construction Breaks Ground on Affordable Senior Housing Project in Bronx’s Mount Hope The project will debut as Mount Hope Walton Apartments and will eventually comprise 103 income-restricted apartments and a 9,500-square-foot community gymnasium. Read More New York Yimby https://newyorkyimby.com/2022/07/construction-breaks-ground-at-1761-walton-avenue-affordable-senior-housing-project-in-bronxs-mount-hope.html
Read MoreVolatile Lumber Prices Add More Than $14,000 to Home Prices
Volatile Lumber Prices Add More Than $14,000 to Home Prices According to NAHB’s recent study on regulatory costs, for items used during the construction process, the final home price will increase by 14.94% above the builder’s cost. Read More NAHB https://www.nahb.org/blog/2022/07/volatile-lumber-prices-add-more-than-14000-to-home-prices
Read MoreThe US Housing Market Just Entered an Awkward Phase
The US Housing Market Just Entered an Awkward Phase Sales are likely to keep falling as buyers get priced out by mortgage rates, which are influenced by the Federal Reserve’s key interest rate policies. Read More WVTM 13 https://www.wvtm13.com/article/the-us-housing-market-just-entered-awkward-ph
Read More7/22/2022 – MetroIntelligence Economic Update by P. DUFFY
MetroIntelligence Economic Update by P. DUFFY Leading Economic Index falls for the fourth consecutive month The Conference Board Leading Economic Index® (LEI) for the U.S. decreased by 0.8 percent in June 2022 to 117.1 (2016=100), after declining by 0.6 percent in May. The LEI was down by 1.8 percent over the first half of 2022, a reversal from its 3.3 percent growth over the second half of 2021. Consumer pessimism about future business conditions, moderating labor market conditions, falling stock prices, and weaker manufacturing new orders drove the LEI’s decline…
Read MoreSingle-Family Starts Fall to Two-Year Low on Higher Construction Costs and Interest Rates
Single-Family Starts Fall to Two-Year Low on Higher Construction Costs and Interest Rates For the first time since June 2020, both single-family starts and permits fell below a 1 million annual pace. Read More NAHB https://www.nahb.org/news-and-economics/press-releases/2022/07/single-family-starts-fall-to-two-year-low-on-higher-construction-costs-and-interest-rates
Read MoreLow Housing Inventory Impacts Buyers
Low Housing Inventory Impacts Buyers The number of homes available across the country have been at lower-than-average levels for years now. This low housing inventory means that buyers must act quickly when they do find a home that fits their needs. Read More Quick Loans https://www.quickenloans.com/learn/low-housing-inventory
Read More‘Grim Outlook’ for Housing Market as U.S. Unlikely to Fix Shortage
‘Grim Outlook’ for Housing Market as U.S. Unlikely to Fix Shortage The outlook is “grim” for the housing market as the number of homes being built has dropped and people have canceled contracts for future projects. Read More News Week https://www.newsweek.com/grim-outlook-housing-market-us-unlikely-fix-shortage-expert-1726074
Read More7/21/2022 – MetroIntelligence Economic Update by P. DUFFY
MetroIntelligence Economic Update by P. DUFFY Existing home sales decline another 5.4 percent in May, down 14.2 percent year-on-year Existing-home sales declined for the fifth straight month to a seasonally adjusted annual rate of 5.12 million. Sales were down 5.4% from May and 14.2% from one year ago. The median existing-home sales price climbed 13.4% from one year ago to $416,000, a new record high. The inventory of unsold existing homes rose to 1.26 million by the end of June, or the equivalent of 3.0 months at the current monthly…
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