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Residential Construction Jumps in August as Mortgage Rate Drops Promise a Lift in Sales

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A prime example of residential construction - a home being built

The latest data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development showed that residential construction (housing starts) took off in August with high single-digit overall and even double-digit upside gains in the single-family construction segment. Many industry observers attributed the upturn to now more optimistic builders looking to take advantage of improving housing affordability with mortgage rates declining. Many builders believe this will stimulate a big upturn in sales.

See all the latest residential construction data

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After a Hopeful February, March Housing Starts Drop Double-Digit Percentage

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This is a new home; housing starts declined in March

Residential construction, known as housing starts, dropped in March by a surprising double-digit percentage. Most industry analysts believe that the slowdown is due to stubborn inflation readings motivating the Fed to keep interest rates high which is affecting mortgage rates and home affordability.

After solid gains in February raised hopes in the segment, the March numbers were a chilling splash of reality as home inventory is low and mortgage rates are high.

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After Sliding in August, Residential Construction Recovers with Housing Starts Up in September

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Photo of residential construction shows housing starts in a neighborhood being built
[Photo: Reuters]

In new data released Wednesday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, residential construction – otherwise known as housing starts – returned to growth again, after registering a concerning double-digit decline in August. However, most analysts believe housing will continue to be challenged by a combination of high prices and high interest rates combining to make housing unaffordable for most buyers.

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August Housing Starts Hit Lowest Level in Three Years

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Homebuilder Sentiment Drops for First Time in Seven Months

Yet another sign of the struggling housing industry as climbing mortgage rates and historically high home prices combine to drop new residential construction – known as housing starts – to their lowest level in three years. Both single-family housing starts and overall housing starts, which includes multi-family dwellings, saw significant declines in August.

See the latest data on August housing starts

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Sales of Luxury Homes Collapse -45% to Second Lowest Level Ever Recorded

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photo of a luxury home

Realtors Say Economic Uncertainty Has Frozen Buyers/Sellers

According to the latest data from national realtor Redfin, sales of luxury homes in the U.S. have declined a record -44.6% for the three-month period ending January 3, 2023, on a year-over-year (YoY) basis. That result outpaced the decline in sales of non-luxury homes of -37.5%.

See more on the collapse of luxury home sales; Is your market affected?

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Single-Family Starts in Nov Hit 2-1/2 Year Low

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single-family housing starts declined

Residential construction of new homes – known as housing starts – continues to register monthly declines as a combination of still-high home prices along with rapidly rising mortgage rates results in collapsing home affordability. While economists continue to debate if and when the U.S. economy enters a recession – it’s clear that housing overall, and the home building segment specifically – is already there.

See the latest data on single-family starts…

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July Sales of New Single-Family Homes Hit 6-1/2 Year Low; Prices Increase

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sales of new single-family homes photo

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly released the latest housing data this week showing that sales of new single-family homes in July hit their lowest level in 6½ years. While unit sales declined, both median and average prices continued to increase, making future home sales even more unaffordable.

See more details on new single-family home sales in July

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July Housing Starts Hit Lowest Level Since February 2021

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housing starts measure new homes like this one being built

In the latest data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, we learn that overall housing starts have hit their lowest level since February 2021 as climbing mortgage rates combined with still-high housing prices have made homes unaffordable for many Americans. The same report also notes that building permits have declined as well, suggesting housing will remain in decline for some time to come.

Learn more about housing starts during July

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Stunning Data on Housing Market Clearly Shows Why It’s Declining

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home interior

Just Two Charts Tell the Story of the Housing Market

For some time now, I have been dutifully reporting on the – at first subtle…now as subtle as a Mac truck – changes taking place in the housing market, clearly in decline after a stunning runup during the 2020-2021 COVID period. Certain economic segments, including Tech in general and custom integration specifically, benefitted from the COVID period forcing consumers to huddle in their homes.

But now, things are changing, starting with the housing market…

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Housing: After a Bump in May, June New Home Sales Back to Downward Trend

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Photo of newly constructed home in housing

In the latest report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, sales of newly constructed homes (new home sales) in June returned to their months-long downward trend after a brief bump up in May. Another sign of a housing market in decline, rising mortgage rates combined with rising home prices have thrown cold water on what had been a very hot housing market over the last year-and-a-half.

See more on new home sales in June, a key housing statistic

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