In a key win for NAHB members who live in high-tax states, the House-passed Build Back Better Act includes long-awaited tax relief for taxpayers who are affected by the federal limit on state and local tax (SALT) deductions.
In a great example of the value of NAHB membership, President Biden today signed infrastructure legislation into law that includes a key provision fought for by NAHB that will save many members thousands of dollars and one member at least $100,000.
The combination of higher home prices, rising construction costs and moderately higher interest rates will exacerbate housing affordability conditions and increasingly push many prospective buyers out of the market in the coming months.
Lansing-East Lansing, Mich., is the nation's most affordable major housing market while Los Angeles-Long Beach-Glendale, Calif., is the least affordable major housing market.
Hear the latest on the supply chain crisis, the infrastructure bill, and the results from the recent Virginia and New Jersey elections. Plus, NAHB CEO Jerry Howard and Immediate Past Chair Greg Ugalde give an update on their time at the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland, to advocate on behalf of the housing industry.
The House late last night passed the $1.2 trillion bipartisan infrastructure bill approved by the Senate and President Biden will sign the measure into law shortly. The vote was 228-2-6, with 13 Republicans joining a majority of Democrats to get the measure across the finish line. Six Democrats voted against it.
For only the third time in the history of NAHB’s Housing Trends Report, the top reason buyers are struggling to buy a home is because they are getting outbid.
By Rose Quint on November 4, 2021 • An earlier post revealed that 66% of buyers who were actively engaged in the process of finding a home in the third quarter of 2021 have spent 3+ months searching for a home without success. For only the third time in this series history, the top reason these long-time searchers haven’t pulled the trigger is not because they can’t find a home at an affordable price (36%), but because they keep getting outbid by other offers (45%). At the start of this series, in the first quarter of 2018, only 18% blamed bidding wars for their home buying woes. When asked what they are most likely to do next if still unable to find a home in the next few months, 49% of active buyers searching for 3+ months in the third quarter of 2021 said they will continue looking for the ‘right’ home in the same location, up from 42% a quarter earlier. The share that will accept a smaller/older home also rose during this period, from 24% to 29%. Meanwhile, the share who plan to give up their home search until next year or later rose from 20% to 22% between the second and third quarters of 2021, but that’s still lower than in the final quarter of 2020, when it reached a series-high of 28%. * The Housing Trends Report (HTR) is a research product created by the NAHB Economics team with the goal of measuring prospective home buyers’ perceptions about the availability and affordability of homes for-sale in their markets. The HTR is produced quarterly to track changes in buyers’ perceptions over time. All data are derived from national polls of representative samples of American adults conducted for NAHB by Morning Consult. Results are seasonally adjusted. A description of the poll’s methodology and sample characteristics can be found here. This is the final post in a series of six highlighting results for the third quarter of 2021. See previous posts on plans to buy, new vs. existing preference, housing availability, housing affordability, and active buyers. Related ‹ Federal Reserve: Taper BeginsTags: housing affordability, housing availability, housing economics, housing trends report
By Rose Quint on November 3, 2021 • After growing steadily for six straight quarters, and peaking at 61% in the second quarter of 2021, the share of prospective buyers actively trying to find a home to buy declined to 57% in the third quarter. This is an indication that fast-growing home prices have begun to discourage a segment of potential buyers from getting past the planning stage. The share of prospective buyers who are actively searching for a home declined in three of the four Census regions between the second and third quarters of 2021: in the South, from 58% to 51%; in the West, from 72% to 65%; and in the Northeast, from 66% to 65%. The share was flat in the Midwest, at 50%. Most buyers actively engaged in the purchase process are spending long periods of time searching for a home. During each of the first three quarters of 2021, 66% reported spending 3+ months looking. Before COVID-19, in the final quarter of 2019, the share stood at 57%. * The Housing Trends Report (HTR) is a research product created by the NAHB Economics team with the goal of measuring prospective home buyers’ perceptions about the availability and affordability of homes for-sale in their markets. The HTR is produced quarterly to track changes in buyers’ perceptions over time. All data are derived from national polls of representative samples of American adults conducted for NAHB by Morning Consult. Results are seasonally adjusted. A description of the poll’s methodology and sample characteristics can be found here. This is the fifth in a series of six posts highlighting results for the third quarter of 2021. See previous posts on plans to buy, new vs. existing preference, housing availability, and housing affordability. Related ‹ Third Quarter of 2021 Homeownership Rate at 65.4%Tags: housing affordability, housing economics, housing trends report
Housing leaders from across the world met to discuss housing affordability in a recent shop talk hosted by NAHB.