Job Gains Continue in February Amid Mixed Signals

2023-03-10T12:26:11-06:00

Job growth continued in February. After a revised 504,000 job gain in January, total nonfarm payroll employment increased by 311,000 in February, and the unemployment rate edged up to 3.6% from 3.4% in January. Wage growth increased to a 4.6% year-over-year gain from 4.4% last month, but down compared to February 2022. Today’s job report indicates that, overall, the labor market is still strong, but showing signs of slowing of a strong start for the year. Construction industry employment (both residential and non-residential) totaled 7.9 million and exceeds its February 2020 level. Residential construction gained 12,400 jobs, while non-residential construction employment gained 11,600 jobs in February. Residential construction employment exceeds its level in February 2020, while all non-residential construction jobs lost in March and April 2020 have now been recovered. Total nonfarm payroll employment increased by 311,000 in February, following a gain of 504,000 in January, as reported in the Employment Situation Summary. The estimates for the previous two months were revised downward. The estimate for December was revised down by 21,000 from +260,000 to +239,000, while the January increase was revised down by 13,000, from +517,000 to +504,000. Despite tight monetary policy, over 4.3 million jobs have been created since March 2022, when the Fed enacted the first interest rate hike in more than three years. The unemployment rate edged up to 3.6% in February. The number of employed persons increased 177,000, while the number of unemployed persons rose 242,000. Meanwhile, the labor force participation rate, the proportion of the population either looking for a job or already holding a job, edged up 0.1 percentage point to 62.5% in February, reflecting the increase in the number of persons in the labor force (+419,000). Moreover, the labor force participation rate for people who aged between 25 and 54 increased to 83.1%. While the overall labor force participation rate is still below its pre-pandemic levels at the beginning of 2020, the rate for people who aged between 25 and 54 is back to the pre-pandemic level. For industry sectors, leisure and hospitality (+105,000), retail trade (+50,000), government (+46,000), professional and business services (+45,000), and health care (+44,000) have notable job gains in February. Employment in the overall construction sector rose by 24,000 in February, following a 35,000 gain in January. Residential construction gained 12,400 jobs, while non-residential construction employment gained 11,600 jobs in February. Residential construction employment now stands at 3.3 million in February, broken down as 939,000 builders and 2.3 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 6,917 a month. Over the last 12 months, home builders and remodelers added 90,300 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,292,600 positions. In February, the unemployment rate for construction workers decreased by 0.3 percentage points to 4.9% on a seasonally adjusted basis. The unemployment rate for construction workers has been trending lower, after reaching 14.2% in April 2020, due to the housing demand impact of the COVID-19 pandemic. Related ‹ Households’ Real Estate Asset Value Falls for First Time Since 2012Tags: employment, labor force, labor force participation rate, residential construction employment

Job Gains Continue in February Amid Mixed Signals2023-03-10T12:26:11-06:00

Households’ Real Estate Asset Value Falls for First Time Since 2012

2023-03-10T09:15:48-06:00

By Jesse Wade on March 10, 2023 • The most recent release of the Z.1 Financial Accounts of the United States shows a decrease in the value of households’ real estate assets over the fourth quarter of 2022. As home prices begin to decrease from pandemic highs, households’ real estate asset value fell for the first time since the first quarter of 2012. The level of households’ real estate assets decreased by $0.07 trillion from $43.57 trillion in the third quarter of 2022 to $43.50 trillion in the fourth quarter of 2022. The market value of owner-occupied real estate increased 10.77% on a year-over-year basis from $39.27 trillion in the fourth quarter of 2021. Real estate secured liabilities of households’ balance sheets, i.e., mortgages, home equity loans, and HELOCs, increased over the fourth quarter from $12.36 trillion to $12.52 trillion, a 1.25% quarterly increase. Year-over-year, real estate liabilities increased 6.48% from $11.75 trillion in the fourth quarter of 2021. The year-over-year growth of real estate liabilities has decelerated for two consecutive quarters as home sales have slowed down across the country. Aggregate owners’ equity (i.e., the difference between homeowners’ real estate assets and liabilities) fell from $31.21 trillion to $30.98 trillion, representing 71.22% of all owner-occupied household real estate. Related ‹ Cost of Constructing a Home in 2022Tags: home equity, homeowner equity, household balance sheets, household debt, market value, mortgage debt, residential real estate

Households’ Real Estate Asset Value Falls for First Time Since 20122023-03-10T09:15:48-06:00

Remodelers’ Average Net Profits are Down, NAHB Study Shows

2023-03-06T09:15:36-06:00

Residential remodeling companies, just like any other private enterprise in a capitalist economy, exist to satisfy the demand of consumers for specific products or services in exchange for a rate of profit commensurate with the risk taken.  Companies control when they enter or exit the industry, but their financial performance is intrinsically linked to external factors, such as the number and size of their competitors, ease and availability of credit and inputs, or the bargaining power of their customers and suppliers.  Given this reality, companies must regularly evaluate their financial performance vis-à-vis the industry as a whole in order to improve processes, set individual and collective goals, and ultimately remain successful businesses. For this reason, the National Association of Home Builders periodically conducts the Remodelers’ Cost of Doing Business Study – a nationwide survey of residential remodeling companies designed to produce profitability benchmarks for that segment of the construction industry.  The latest study collected information for fiscal year 2021 and compares findings to fiscal years 2015 and 2018. The 2023 edition of the study shows remodelers’ gross and net profit margins both dropping between 2018 and 2021.  On average, they reported $1.9 million in revenue for fiscal year 2021, of which $1.4 million (75.1%) was spent on cost of sales (e.g., labor, material, and trade contractor costs as well as direct costs for single-family construction) and another $389,000 (20.3%) on operating expenses (e.g., general and administrative, finance, and S&M expenses, owner’s compensation).  As a result, remodelers’ average gross profit margin for 2021 was 24.9%, with a net margin before taxes of 4.7% (Fig. 1). Figure 2 puts these margins in historical context.  Remodelers’ average gross profit margin grew steadily from 2011 (26.8%) through 2018 (30.1%) before dropping in 2021 (24.9%).  The decline was driven by significant increases in the share of revenue spent on two cost lines:  trade contractors’ costs, which rose from 29% in 2018 to 36% in 2021, and direct costs for single-family homebuilding, which went from 3% to 9%[1].  In the end, remodelers averaged a net profit margin before taxes of 4.7% in 2021, only slightly lower than in 2018 (5.2%).  Notably, a significant reduction in operating expenses between 2018 and 2021 (from 25% to 20%) prevented deeper net losses. In terms of the balance sheet, residential remodelers reported an average of $497,000 in total assets for fiscal year 2021.  Of that, $242,000 (49%) was owed as either current or long-term liabilities, and the remaining $255,000 (51%) was owned free and clear by the remodelers (Fig. 3). Figure 4 shows that remodelers’ average total assets increased significantly between 2011 and 2015 (up 54% to $414,000) but were essentially flat between 2015 and 2018 (up 2% to $421,000). By 2021, however, remodelers managed to strengthen their balance sheets again, with assets rising 18% to $497,000. Looking at liabilities as a share of assets over the last 10 years shows that remodelers have deleveraged significantly.  In 2011 and 2015, at least 65% of their assets were backed up by debt.  By 2018, that share had dropped to 52%; and by 2021, it was 49%.  Meanwhile, the share of assets financed through equity went from roughly one-third in 2011 and 2015, to almost half (48%) in 2015, and to more than half (51%) in 2021.  This is the first time in this series that remodelers have run their businesses relying more on their own capital than on liabilities. [1] Residential remodelers were significantly more likely to be involved in single-family home building in 2021 than in 2018.  In fact, in 2018, only about 6% of their total revenue was derived from single-family construction. In 2021, the share was 11.0%. Related ‹ Use of Residential Energy Tax Credits IncreasesTags: housing economics, remodeling

Remodelers’ Average Net Profits are Down, NAHB Study Shows2023-03-06T09:15:36-06:00

Home Price Gains Weakened in December

2023-02-28T10:21:37-06:00

Seasonally adjusted home prices continued to fall in December and have declined for six consecutive months due to high mortgage rates and economic uncertainty. Locally, all 20 metro areas, reported by S&P Dow Jones Indices, experienced negative home price appreciation in December. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, fell at a seasonally adjusted annual growth rate of 4.1% in December, following a 3.4% decline in November and a 2.8% decrease in October. After a decade of growth, home prices started to decline in July, driven by elevated mortgage rates and weakening buyer demand. The July decrease marked the first decline since February 2012, and this month’s decline marks the sixth consecutive monthly decline. Nonetheless, national home prices are now 61% higher than their last peak during the housing boom in March 2006. On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted a 5.8% annual gain in December, down from 7.6% in November. Year-over-year home price appreciation slowed for the ninth consecutive month as the monthly growth rates have turned negative. Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), decreased at a seasonally adjusted annual rate of 1.2% in December, following a 1.4% decrease in November. On a year-over-year basis, the FHFA Home Price NSA Index rose by 6.6% in September, down from 8.2% in the previous month. The FHFA thus confirmed the slowdown in home price appreciation. In addition to tracking national home price changes, S&P Dow Jones Indices reported home price indexes across 20 metro areas in December. All 20 metro areas reported negative home price appreciation. Their annual growth rates ranged from -16.5% to -1.4% in December. Las Vegas, Phoenix, and Portland experienced the most monthly declines in home prices. Las Vegas declined 16.5%, while Phoenix and Portland declined 14.8% and 14.7%, respectively. The scatter plot below lists the 20 major U.S. metropolitan areas’ annual growth rates in November and in December 2022. The X-axis presents the annual growth rates in November; the Y-axis presents the annual growth rates in December.  Compared to last month, home prices declined faster in December in the following 11 metro areas: San Diego, Denver, Washington, DC, Miami, Chicago, Detroit, Minneapolis, Las Vegas, Cleveland, Portland, and Seattle. Related ‹ Apartment Absorption Rate Falls but Remains above 60%Tags: FHFA Home Price Index, home prices, S&P CoreLogic Case-Shiller Home Price Index

Home Price Gains Weakened in December2023-02-28T10:21:37-06:00

Existing Home Sales Continue to Fall in January

2023-02-21T12:18:07-06:00

As elevated mortgage rates and tight inventory continue to weaken housing demand, the volume of existing home sales declined for a twelfth consecutive month as of January, according to the National Association of Realtors (NAR). This is the longest run of declines since 1999. While mortgage rates have stabilized in January, they are likely to see a rise in the short run with additional tightening of monetary policy. Additionally, home price appreciation slowed for a consecutive seventh month after reaching a record high existing home average of $413,800 in June. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, fell 0.7% to a seasonally adjusted annual rate of 4.0 million in January, the lowest pace since November 2010 with the exception of April and May 2020. On a year-over-year basis, sales were 36.9% lower than a year ago. The first-time buyer share stayed at 31% in January, unchanged from last month but up from 27% in January 2022. The fact that this share has stayed stable is a positive sign of future homebuying demand. The January inventory level measure rose from 0.96 to 0.98 million units and was up 0.85 million from a year ago. At the current sales rate, January unsold inventory sits at a 2.9-month supply, unchanged from last month but up from a 1.6-months reading a year ago. Homes stayed on the market for an average of 33 days in January, up from 26 days in December and 19 days in January2022. In January, 54% of homes sold were on the market for less than a month. The January all-cash sales share was 29% of transactions, up from 28% last month and 27% a year ago. All-cash buyers are less affected by changes in interest rates. The January median sales price of all existing homes was $359,000, up 1.3% from a year ago, representing the 131st consecutive month of year-over-year increases, the longest-running streak on record. The median existing condominium/co-op price of $320,000 in January was up 5.2% from a year ago. Regionally, existing home sales were mixed in January. Sales in the South and West rose 1.1% and 2.9% last month, while sales in the Northeast and Midwest fell 3.8% and 5.0%, respectively. On a year-over-year basis, all four regions continued to see a double-digit decline in sales, ranging from 33.3% in the Midwest to 42.4% in the West. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts. The PHSI rose 2.5% from 75.0 to 76.9 in December, the first time increase since May 2022. On a year-over-year basis, pending sales were 33.8% lower than a year ago per the NAR data. Related ‹ Additional Declines for New Home SizeTags: Existing Home Sales, inventory, mortgage rates, pending home sales index

Existing Home Sales Continue to Fall in January2023-02-21T12:18:07-06:00

Credit for Builders Tightens as Rates Climb

2023-02-16T10:19:37-06:00

During the fourth quarter of 2022, credit continued to become less available and generally more costly on loans for Acquisition, Development & Construction (AD&C) according to NAHB’s Survey on AD&C Financing. To analyze credit availability, responses from the NAHB survey are used to construct a net easing index, similar to the net easing index based on the Federal Reserve’s survey of senior loan officers (SLOOS).  In the fourth quarter of 2022, both the NAHB and Fed indices were negative, indicating tightening credit conditions.  This was the fourth consecutive quarter during which the indices from both surveys were not only negative, but declining (indicating tightening was more widespread than in the prior quarter).   In the first quarter of the year, the NAHB net easing index stood at -2.3 before declining to -21.0 in the second quarter, -36.0 in the third and -43.3 in the fourth.  Similarly, the Fed net easing index was -4.7 in the first quarter of 2022, but subsequently fell to -48.4 in the second quarter, -57.6 in the third and -69.2 in the fourth. The most common ways in which lenders tightened in the fourth quarter were by increasing the interest rate on the loans (cited by 77 percent of the builders and developers who reported tighter credit conditions), reducing amount they are willing to lend (67 percent) and lowering the allowable Loan-to-Value or Loan-to-Cost ratio (60 percent). Meanwhile, the average effective rate (based on rate of return to the lender over the assumed life of the loan taking both the contract interest rate and initial fee into account) increased on all four categories of loans tracked in the AD&C Survey: from 7.97 to 10.14 percent on loans for land acquisition, from 9.67 to 10.41 percent on loans for land development, from 9.95 to 11.30 percent on loans for speculative single-family construction, and from 10.76 to 10.85 percent on loans for pre-sold single-family construction. Increases in the effective rate may be due either to increases in the contract  interest rate charged on outstanding balances, or increases in the initial points charged on the loans.  In the fourth quarter, average initial points actually declined on two categories of loans: from 0.93 to 0.81 percent on development loans, and from 0.89 to 0.59 percent on loans for pre-sold single-family construction.  Meanwhile, average initial points were unchanged at 0.79 percent on land acquisition loans, and up from 0.76 to 0.82 percent on loans for speculative single-family construction. However, any reduction in points was more than offset by the contract interest rate, which increased by more than a full percent on all four categories of AD&C loans tracked in the survey.  The average contract rate increased from 6.07 to 7.80 percent on loans for land acquisition, from 6.42 to 7.37 percent on loans for land development, from 6.16 to 7.46 percent on loans for speculative single-family construction, and from 5.85 to 6.97 percent on loans for pre-sold single-family construction. The tightening credit conditions and higher rates on AD&C loans may be one of the reasons single-family production is off to a sluggish start in 2023 so far, despite the recent uptick in builder confidence. More detail on current credit conditions for builders and developers is available on NAHB’s AD&C Financing Survey web page. Related ‹ 2023 Off to A Sluggish Start for Single-Family ProductionTags: ad&c lending, ad&c loans, ADC, construciton loans, construction lending, credit conditions, economics, home building, housing, interest rates, lending

Credit for Builders Tightens as Rates Climb2023-02-16T10:19:37-06:00

Immigrants in Construction: Post-Pandemic Trends

2023-02-15T08:18:42-06:00

According to the most recent 2021 American Community Survey (ACS), the number of immigrant workers in construction, including self-employed, remained close to 2.8 million, on a par with the levels recorded by the ACS before the Covid-19 pandemic wreaked havoc on labor markets. The share of immigrant workers stayed at 24% of the construction workforce, slightly below the 2016 record high share of 24.4% but on a par with the 2019 pre-pandemic reading. The share of immigrants remained higher in construction trades, reaching 30%. The annual flow of new immigrant workers into construction slowed to the lowest levels since 2012 despite ongoing skilled labor shortages exacerbated by a pandemic boost to housing demand.The latest ACS data show that 11.5 million workers, including self-employed, worked in construction in 2021. Out of these, 8.7 million were native-born, and 2.8 million were foreign-born. Due to the data collection issues during the early pandemic lockdown stages, we do not have reliable estimates for 2020 and omit these in the chart below. Regardless, the construction employment levels, both for native- and foreign-born workers, were back to the pre-pandemic levels by 2021. Source: 2004-2021 ACS PUMS, NAHB estimates The fact that construction employment was back to the pre-pandemic levels while single-family starts increased 27% from 2019 to 2021 illustrates how incredibly tight the construction labor market was at that time. Source: 2004-2021 ACS PUMS, NAHB estimates In the past, the annual flow of new immigrant workers into construction was highly responsive to the changing labor demand. The number of newly arrived immigrants in construction rose rapidly when housing starts were rising and declined precipitously when the housing industry was contracting. The response of immigration had been quite rapid, occurring in the same year as a change in the single-family construction activity. Statistically, the link was captured by high correlation between the annual flow of new immigrants into construction and measures of new home construction, especially new single-family starts.  This connection first broke in 2017 when NAHB’s estimates showed a surprising drop in the number of new immigrants in construction despite steady gains in housing starts. The pandemic-triggered lockdowns and restrictions on travel and border crossings drastically interrupted flow of new immigrant workers and further damaged this link. Similar trends are observed in the rest of the US economy, with the share of immigrants in the labor force stabilizing at record high levels but showing no further gains in recent years despite very tight labor market conditions. Excluding construction, where the reliance on foreign-born workers is greater, the share of immigrants in the US labor force increased from just over 14% in 2004 to 16.6%, the highest level recorded by the ACS, in 2018. The share of immigrants stabilized at these record high levels with no further increases in the post-pandemic market. Related ‹ Slow Progress for InflationTags: construction labor force, home buidling, immigrants in construction, labor force, labor shortage, labor supply

Immigrants in Construction: Post-Pandemic Trends2023-02-15T08:18:42-06:00

Materials Remain Builders’ Top Challenge, but Inflation and Interest Rates are Threatening

2023-02-13T09:19:33-06:00

By Ashok Chaluvadi on February 13, 2023 • The price and availability of building materials again topped the list of problems builders faced last year, while interest rates (along with general inflation and negative media reports) moved considerably up the list.  According to special questions on the January 2023 survey for the NAHB/Wells Fargo Housing Market Index, building material prices were a significant issue for 96% of builders in 2022. The second most widespread problem in 2022 was availability/time it takes to obtain building materials, cited by 86% of builders.  These were the same two problems that topped the list in 2021.  Cost and availability of labor has also been a relatively widespread problem, reported as a significant by 82% of builders in 2021 and 85% in 2022, a result that is not surprising given the large number of unfilled job openings in the construction industry. Compared to 2021, some of the problems became significantly more widespread in 2022. High interest rates were a problem for only 2% of builders in 2021, but this increased to 66% in 2022. Rising inflation in the US economy was a significant problem for 63% of builders in 2021, compared to 85% in 2022.  And 26 percent of builders said negative media reports making buyers cautious was a significant problem in 2021, compared to 55 percent in 2021. Even more builders—a full 93%—expect high interest rates to be a problem in 2023, up strongly from the 66% who said it was a problem in 2022.  Moreover, both the current and expected numbers were much higher in the recent survey than at any time in the 2011-2021 span. Compared to the supply-side problems of materials and labor, problems attracting buyers have not been as widespread, but builders expect many of them to become more of a problem in 2023. Negative media reports making buyers caution was a significant problem for 55% of builders in 2022, but 79% expect them to be a problem in 2023. Buyers expecting prices or interest rates to decline if they wait was a significant problem for 49% of builders in 2022, compared to 80% who expected it to be an issue in 2023. Concern about employment/economic situation was a problem for only 41% of builders in 2022, but 73% expect it to be a problem in 2023. Gridlock/uncertainty in Washington making buyers cautious was a significant problem for 38% of builders in 2022, compared to 54% who expected it to be a problem in 2023. Finally, buyers unable to sell their existing homes was a significant problem for only 13% of builders in 2022, but 52% expect it to be a problem in 2023. For additional details, including a complete history for each reported and expected problem listed in the survey, please consult the full HMI January2023 Special Survey REPORT. Related ‹ Loan Demand Declines as Credit Standards Tighten in Q4 2022Tags: Building Materials, economics, eye on the economy, home building, housing trends report, inflation, interest rates, single-family

Materials Remain Builders’ Top Challenge, but Inflation and Interest Rates are Threatening2023-02-13T09:19:33-06:00

A New Year Starts with Strong Gains

2023-02-03T11:20:25-06:00

Job growth rebounded in January. After declines for five consecutive months, total nonfarm payroll employment increased by 517,000 in the first month of 2023 and the unemployment rate hit a 53-year low at 3.4% as more people entered the labor market. Construction industry employment (both residential and non-residential) totaled 7.9 million and exceeds its February 2020 level. Residential construction gained 5,500 jobs, while non-residential construction employment gained 19,300 jobs in January. Residential construction employment exceeds its level in February 2020, while 96% of non-residential construction jobs lost in March and April 2020 have now been recovered. Total nonfarm payroll employment increased by 517,000 in January, following a gain of 260,000 in December, as reported in the Employment Situation Summary. It marks the largest monthly job gain in six months. The estimates for the previous two months were revised upward. The estimate for November was revised up by 34,000 from +256,000 to +290,000, while the December increase was revised up by 37,000, from +223,000 to +260,000. The unemployment rate edged down to 3.4% in January, the lowest level since 1969. The number of employed persons increased by 894,000. Meanwhile, the labor force participation rate, the proportion of the population either looking for a job or already with a job, edged up 0.1 percentage point to 62.4% in January, reflecting the increase in the number of persons in the labor force (+866,000). Moreover, the labor force participation rate for people who aged between 25 and 54 increased to 82.7%. Both of these two rates are still below their pre-pandemic levels in the beginning of 2020, and are not fully recovered from the COVID-19 pandemic. In January, job gains were broad-based, led by gains in leisure and hospitality (+128,000), professional and business services (+82,000), and health care (+58,000). Employment in the overall construction sector rose by 25,000 in January, following a 26,000 gain in December. Residential construction gained 5,500 jobs, while non-residential construction employment gained 19,300 jobs in December. Residential construction employment now stands at 3.3 million in January, broken down as 934,000 builders and 2.3 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 6,100 a month. Over the last 12 months, home builders and remodelers added 114,600 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,282,900 positions. In January, the unemployment rate for construction workers ticked up by 0.1 percentage point to 4.4% on a seasonally adjusted basis. The unemployment rate for construction workers has been trending lower, after reaching 14.2% in April 2020, due to the housing demand impact of the COVID-19 pandemic. Related ‹ Further Downshift for the FedTags: employment, labor force, labor force participation rate, residential construction employment

A New Year Starts with Strong Gains2023-02-03T11:20:25-06:00

Unaffordable Prices Are Back on Top as Most Common Reason Buyers Can’t Make Purchase

2023-02-01T09:16:49-06:00

By Rose Quint on February 1, 2023 • An earlier post revealed that 65% of buyers who were actively engaged in the process of finding a home in the fourth quarter of 2022 have spent 3+ months searching for a home without success. The inability to find an affordable home (45%) is the most common reason buyers looking for 3+ months can’t make a purchase.  In second place follow the inability to find a home in a desirable neighborhood and getting outbid by other buyers (tied at 30%). When asked what they are most likely to do next if still unable to find a home in the next few months, 46% of active buyers searching for 3+ months said they will continue looking for the ‘right’ home in the same location (down from 50% a quarter earlier); 38% will expand their search area (up from 35%), 23% will accept a smaller/older home (down from 33%), and 16% will buy a more expensive home (down from 28%). Meanwhile, the share who plan to give up their home search until next year or later fell to 21%, down from 28% in the third quarter. This is the first time the share has declined in six quarters. **Results come from the Housing Trends Report (HTR) – 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 in a series of six posts highlighting results for the 1st quarter of 2022. Related ‹ Fourth Quarter of 2022 Homeownership Rate at 65.9%Tags: housing economics, housing trends report

Unaffordable Prices Are Back on Top as Most Common Reason Buyers Can’t Make Purchase2023-02-01T09:16:49-06:00
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