A sharp decline in multifamily starts pushed overall housing starts down in January even as single-family production showed signs of a gradual improvement later this year as interest rates continue to moderate.
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Single-Family Starts Down in December but Post Solid Showing
In a sign that lower mortgage rates continue to boost the housing market, single-family production surpassed the million mark for the second straight month in December.
Read MoreSingle-Family Starts Surge on Falling Interest Rates
Single-family construction surged in November as lower mortgage rates helped to assuage affordability concerns and unleash pent-up demand for housing.
Read MoreNew Home Sales Weaken in August on Higher Mortgage Rates
Sales of newly built, single-family homes in August fell 8.7% to a 675,000 seasonally adjusted annual rate from an upwardly revised reading in July, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in August was up 5.8% from a year ago.
Read MoreSingle-Family Starts Edge Higher in July
A lack of existing inventory and solid demand helped offset rising mortgage rates and push single-family production higher in July, even as builders continue to grapple with elevated construction and financing costs as well as a lack of skilled labor.
Read MoreExisting Home Sales Down Again Amid Limited Inventory
Existing home sales in June fell to the lowest level since January as limited inventory and fluctuating mortgage rates continued to weigh on homebuyers, according to the National Association of Realtors (NAR).
Read MoreHousing Starts Post Solid Gain in May
Limited existing inventory combined with solid demand and improving supply chains helped push single-family starts to an 11-month high in May. Overall housing starts in May increased 21.7% to a seasonally adjusted annual rate of 1.63 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. It takes 400 tons…
Read MoreSingle-Family Starts Improve in March
Single-family production showed signs of a gradual upturn in March as stabilizing mortgage rates and limited existing inventory helped to offset stubbornly high construction costs, building labor shortages and tightening credit conditions.
Read MoreSingle-Family Permits Decline in August 2022
Over the first eight months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 728,866. On a year-over-year (YoY) basis, this is 6.0% below the August 2021 level of 775,772. It takes 400 tons of aggregates to construct the average modern home, according to the National Stone, Sand & Gravel Association. Year-to-date ending in August, single-family…
Read MoreSullivan Speaks
Oct. 10, 2022 – Portland Cement Association Chief Economist Ed Sullivan noted in Denver at the ConcreteWorks show that housing market weakness will bring 2023 cement consumption down 3.5% from 2022 levels (trending +2.9% vs. 2021), followed by gains in the 1-3.5% range over the next three years. The Infrastructure Investment and Jobs Act will definitely help producers but not offset volume losses in…
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