The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.6% in June, making its ninth monthly increase in the past 12 months. Gains in personal income are largely driven by increases in compensation of employees and proprietors’…
After falling steadily for five quarters, the popularity of new homes rebounded in the second quarter of 2022, as 21% of prospective buyers reported looking for a newly-built home – up from 19% a quarter earlier. A possible reason for this pivot is the recent…
The U.S. economy definitively slowed in the first half of 2022 as the Federal Reserve tightened financial conditions. Real GDP fell for the second straight quarter, while the Fed raised interest rates by 75 basis points for the second consecutive month to reduce inflation pressure….
Continuing its tightening of financial conditions to bring the rate of inflation lower, the Federal Reserve’s monetary policy committee raised the federal funds target rate by 75 basis points, increasing that target to an upper bound of 2.5%. This move matches the June rate hike…
NAHB analysis of the most recent Quarterly Sales by Price and Financing published by the U.S. Census Bureau reveals that the four-quarter moving average (MA) share of new home sales financed through FHA was 11.0% in Q2 2022–its smallest share since early 2008. Conventional loans financed…
New single-family home sales declined in June due to rising mortgage rates and worsening affordability conditions. Per Freddie Mac, the 30-year fixed rate mortgage was 5.10% at the end of May and climbed to 5.70% by the end of June. The U.S. Department of Housing…
The share of adults planning a home purchase within a year stood at 13% in the second quarter of 2022, unchanged from the previous quarter, but lower than a year earlier (17%). The leveled reading suggests that, after shrinking for the past three quarters, the…
