Low existing inventory and solid demand more than offset rising mortgage rates and elevated construction costs to boost new home sales last month. Sales of newly built, single-family homes in July increased 4.4% to a 714,000 seasonally adjusted annual rate from a downwardly revised reading…
The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the second quarter of 2023, there were just…
Existing home sales in July fell to the lowest level since January as limited inventory and higher mortgage rates continued to weight on homebuyers, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices,…
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the second quarter of 2023. For the second quarter, 138,000 multifamily residences started construction. Of this total, 135,000 were built-for-rent. The market share of rental units of…
Between 2021 and 2022, the state of Georgia gained 124,827 residents. This was the fourth largest population gain in the U.S. and one of only four states to have a nominal population increase above 100,000. In percentage terms, Georgia’s population grew at 1.2% between this…
An expected impact of the virus crisis is a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022, and housing affordability…
Nonfarm payroll employment increased in 36 states in July compared to the previous month, while 14 states and the District of Columbia lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 187,000 in July, following a gain of…
