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Tag Archives: Homebuilders

Single-Family Permits, Starts Up in August

Led by the strongest gain for single-family construction this, year, the pace of housing starts edged up 0.9 percent in August, the Census Bureau and HUD reported Wednesday. Builders broke ground in August on new homes at a seasonally adjusted annual rate of 891,000--up from a revised 883,000 in July--and filed for permits at the seasonally adjusted annual rate of 918,000, down from 954,000 in July. The gain in both single-family permits and starts came amid signs of improving builder confidence.

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Report: Jobs Recovery to Drive Up Home Prices

Even as housing inventory starts to recover, the basic fundamentals of supply and demand--as measured by new starts versus job growth across the nation--point to continued price growth, according to one expert at John Burns Real Estate Consulting. Nationally, the employment growth-to-permit (E/P) ratio is 2.5, up from 2.3 last year and well above the "equilibrium level" of 1.2. Eighteen of the top 20 markets have an E/P ratio higher than the equilibrium.

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New Home Purchase Applications Down in August

Data from the Mortgage Bankers Association (MBA) for August shows mortgage applications for new home purchases declined compared to July. According to MBA's monthly Builder Application Survey (BAS), loan applications for the purchase of new homes fell 14 percent month-over-month in August. Taking information from the BAS--as well as assumptions regarding market coverage and other factors--MBA estimates sales of new single-family homes ran at a seasonally adjusted annual rate of 424,000 in August.

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Commentary: Truth… and Consequences

Friday's report on the August employment situation at the same time confounded analysts twice with a less than robust 169,000 month-month increase in payrolls and a staggering 58,000 reduction in the initial report on payrolls for July. While it may not be easy to reconcile the numbers in the employment situation report with themselves, it is even more difficult to reconcile them with other economic indicators.

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Report: Market Health Looks Different for Investors, Builders

While price gains may paint a picture of a recovery well on its way, construction figures aren't as encouraging, according to an analysis from Trulia. While prices are up 11 percent year-over-year in August, according to Trulia, which monitors list prices, construction activity is lagging. Additionally, when it comes to price gains and increases in construction, markets tend to be experiencing one or the other, with markets reporting price growth seeing meager construction.

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July Construction Spending Picks Up

Residential construction spending edged up in July, according to numbers from the Census Bureau. Overall, construction spending was at a seasonally adjusted annual pace of $900.8 billion in July, 0.6 percent above June's revised estimate of $895.7 billion and 5.2 percent ahead of July 2012's $856.3 billion. Spending on residential construction was at a pace of $340.6 billion, up 0.5 percent from June and 16.8 percent from July 2012.

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Beige Book Again Records Modest-to-Moderate Growth

Fed

Continuing to shrug off sequester cutbacks, but feeling the effects of adverse weather, the nation's economy "continued to expand at a modest to moderate pace" from early July though late August, the Federal Reserve reported in its Beige Book assessment. Residential real estate activity "increased moderately" and "demand for nonresidential real estate increased," though "lending activity weakened a bit." Lending standards have largely remained unchanged, while credit quality has improved.

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