Sales of newly built, single-family homes in June fell 2.5% to 697,000 seasonally adjusted annual rate from a downwardly revised reading in May, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. However, new home sales are up 23.8% from a year ago.It takes 400 tons of aggregates to construct…
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Single-Family Starts Show Gradual Improvement in April
A lack of existing inventory and stabilizing mortgage rates helped push single-family production up to the highest rate thus far in 2023 even as builders continue to deal with high construction costs, persistent labor shortages and tightening credit conditions for construction loans. Overall housing starts in April increased 2.2% to a seasonally adjusted annual rate of 1.40 million units, according…
Read MoreMartin Marietta Total Revenues Spike 10% in First Quarter
Martin Marietta Materials Inc. announced results for the first quarter ended March 31, reporting total revenues of $1.354.1 billion, versus $1.230.8 in the first quarter of 2022, a 10.0% increase. The Building Materials business generated record first-quarter revenues of $1.27 billion, a 10.1% increase. Gross profit increased 99.4% to a first-quarter record of $275.9 million. Double-digit pricing gains, partially offset…
Read MoreMarch New Home Sales Jump
Lower mortgage rates and limited existing inventory helped to push new home sales up in March, even as builders continue to grapple with increased construction costs and material supply disruptions. Sales of newly built, single-family homes in March increased 9.6% to a 683,000 seasonally adjusted annual rate from a downwardly revised reading in February, according to newly released data by…
Read MoreHousing Sentiment Drops, But What About the Growing Population?
For decades now, I have written columns and made industry presentations around the country that talk about the one, sure-fire driver of construction in America: population growth. Yes, the long, historical graph line has a sawtooth to it, but generally speaking, it is the population growth in our country that has driven construction growth, as we build homes to house…
Read MoreNew Home Sales Remain Relatively Flat in February
Higher mortgage rates and home prices, as well as increased construction costs contributed to lackluster new home sales in February, but signs point to improvement later in the year. Sales of newly built, single-family homes in February increased 1.1% to a 640,000 seasonally adjusted annual rate from a downwardly revised reading in January, according to newly released data by the…
Read MoreSingle-Family Starts Remain Lackluster
Single-family production remained at an anemic pace in February as builders continue to wrestle with elevated mortgage rates, high construction costs and tightening credit conditions that threaten to be exacerbated by recent turmoil in the banking system. Led by gains in apartment construction, overall housing starts in February increased 9.8% to a seasonally adjusted annual rate of 1.45 million units,…
Read MoreNew Home Sales Up in January
Declining mortgage rates and home prices in January, coupled with home builders use of sales incentives, helped boost new home sales last month. Sales of newly built, single-family homes in January increased 7.2% to a 670,000 seasonally adjusted annual rate from an upwardly revised reading in December, according to newly released data by the U.S. Department of Housing and Urban…
Read MoreJanuary Housing Starts Decrease 4.5%
Although rising builder sentiment indicates a turning point for housing later this year, lackluster single-family production in January is a sign that the housing sector faces further challenges, as elevated mortgage rates and high construction costs continue to put a damper on the market. Overall housing starts decreased 4.5% to a seasonally adjusted annual rate of 1.31 million units, according…
Read MoreNovember New Home Sales Up as Interest Rates Fall Back
While new home sales received a slight bounce in November from moderating mortgage rates, the housing market continues to struggle because of ongoing supply chain disruptions, elevated construction costs and challenging affordability conditions. Sales of newly built, single-family homes in November increased 5.8% to a 640,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of…
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