In new data released Wednesday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, residential construction – otherwise known as housing starts – returned to growth again, after registering a concerning double-digit decline in August. However, most analysts believe housing will continue to be challenged by a combination of high prices and high interest rates combining to make housing unaffordable for most buyers.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly released the latest housing data this week showing that sales of new single-family homes in July hit their lowest level in 6½ years. While unit sales declined, both median and average prices continued to increase, making future home sales even more unaffordable.
See more details on new single-family home sales in July[Read more…] about July Sales of New Single-Family Homes Hit 6-1/2 Year Low; Prices Increase
In the latest data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, we learn that overall housing starts have hit their lowest level since February 2021 as climbing mortgage rates combined with still-high housing prices have made homes unaffordable for many Americans. The same report also notes that building permits have declined as well, suggesting housing will remain in decline for some time to come.
Learn more about housing starts during July[Read more…] about July Housing Starts Hit Lowest Level Since February 2021
More than a year after its initial introduction, and in the wake of chip manufacturers threatening to scale back their U.S. projects, the United States Senate finally took action on Tuesday to move forward on the bill known as the CHIPS Act. After months of at times heavy discussion/arguing, the stage is set for both the House of Representatives and the Senate to vote on its passage, perhaps as early as next week.
See more on this development with the CHIPS Act[Read more…] about Senate Finally Takes Action on CHIPS Act, Setting the Stage for Its Passage
In yet another sign of a slowing economy, April residential housing construction starts declined for the second straight month in a row. At the same time, the Housing Market Index, a key gauge of homebuilder confidence, collapsed in May.
See what’s going on in with housing starts & builders[Read more…] about April Housing Starts Decline Again; Builder Sentiment in Steep Slide in May
In a new report on residential housing construction by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, overall housing starts in the month of November snapped a three-month slide and took their biggest jump since March of this year. Both the overall construction starts and those for single-family dwellings had their best month in the last eight months. This was a surprise…