News & Opinions
The latest news and insights from Hanley Wood’s outspoken experts and key thought-leaders throughout the residential and commercial design and construction industry.
Stephen Melman / NAHB / September 19, 2013
Existing home sales increased 1.7% in August, and were up 13.2% from the same period a year ago to the highest level since February 2007. The National Association of Realtors (NAR) reported that August 2013 total existing home sales were at a seasonally adjusted rate of 5.48 million units combined for single-family homes, townhomes, condominiums and co-ops. That compares to 5.39 million units in July, and 4.84 million units during the same period a year ago. The South and Midwest increased 3.8% and 3.1% respectively, while the Northeast remained flat and the West decreased 2.3% from last month.Read More
Jonathan Smoke / Hanley Wood / September 18, 2013
The initial read on August permits and starts showed no evidence of single family construction being derailed by the increase in mortgage rates since May. Permits, which lead starts, were at a total level in line with most economists’ expectations. Single family permits were at the highest seasonally adjusted rate since May 2008. While the total starts number was down, the decline was caused by declines in the more volatile multi-family sector, and in fact single family starts were up 7% in August over July.
We work with more detailed market level permit data from the Census and fromRead More
John McManus / BIG BUILDER / September 18, 2013
Census Bureau data on housing starts and new residential building permits hit the wires this morning, and you don’t get too far into any expert’s explanation of the fresh crop of data before the term “mixed signals” surfaces. Offsetting positives vs. negatives; stressors vs. catalysts; headwinds vs. tailwinds; fundamentals vs. technicals; buzz vs. the trenches are a fact of home building and development’s life.
* Here Calculated Risk’s Bill McBride charts up the latest release in his inimitable way:
His kicker line is this:
“This was below
David Crowe / NAHB / September 19, 2013
Housing starts rose 0.9% in August pushed by a solid 7% increase in single-family starts and tempered by an 11% fall in multifamily starts. The single-family increase was broad; all four census regions showed increases ranging from 17.5% in the West to 2.3% in the South. Monthly multifamily starts have saw-toothed up and down for several months with four up months and four down months in 2013.
Housing permits demonstrated the same signal with single-family permits up 3% nationally and up or unchanged in every region. August single-family permits at 627,000 are the highest since May 2008. SimilarRead More
John McManus / BIG BUILDER / September 17, 2013
This morning, a fresh reading comes through on home building’s closest approximation of changes in confidence among those who make a living doing it. Signal or noise? Clearly, housing’s data trends are forming quite the Hell’s Gate of tricky, swift and difficult-to-navigate currents and cross-currents. Here, we explore less about what you need to know–given that so much is either contradictory or uncertain–and more about a few things you may need to do.
Our simplest, most elegant, and best sense of what’s changing in the market is not the noise interestRead More