US Housing Industry News

By: Quiet. Please
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  • Summary

  • Stay informed with "US Housing Industry News," your go-to podcast for the latest updates and insights into the American housing market. Discover expert analysis, market trends, and interviews with industry leaders, all designed to keep you ahead in the ever-evolving real estate landscape. Whether you're a homeowner, investor, or industry professional, tune in for actionable information and deep dives into the housing sector. Subscribe now and never miss an episode of essential updates in the US housing industry.

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Episodes
  • US Housing Market Navigates Slowdown and Affordability Challenges Amidst Economic Resilience

    US Housing Market Navigates Slowdown and Affordability Challenges Amidst Economic Resilience
    Nov 29 2024
    The current state of the US housing industry is characterized by a mix of challenges and opportunities. Recent market movements indicate a slowdown in home sales, with existing-home sales in September 2024 down by 3.5 percent from last year[3]. However, home prices continue to rise, albeit at a slower pace, with a year-over-year increase of 3.4 percent in September 2024 compared to September 2023[5].

    The rental market is also experiencing a softening, with an estimated 8.9-percent vacancy rate, up from 7.5 percent in 2020[1]. The apartment market, which makes up more than half of the rental supply, has a 7.5-percent vacancy rate in 2023, up from 6.5 percent in 2022[1].

    Despite these challenges, the US economy remains strong, with upward revisions to GDP growth and job growth[2]. The housing market is expected to benefit from lower mortgage rates, which have come down from their peak but are still high at 6.88 percent as of late October 2024[3]. However, the impact of lower mortgage rates on home sales is expected to be modest due to continued tightness in the existing inventory and homebuyers staying on the sidelines expecting further rate declines[2].

    The supply chain is also experiencing some shifts, with housing construction picking up in August 2024, driven by a 15.8-percent increase in single-family housing starts[2]. However, the overall number of existing homes on the market for sale remains low, with a 4.3-month supply as of September 2024, which is still short of the 5 to 6 months usually needed for a balanced market[3].

    In response to these challenges, US housing industry leaders are focusing on affordability and supply chain developments. For example, the National Association of Realtors notes that more supply is beginning to appear, which could be an early indicator of more home sales later[3]. Additionally, the Harvard Joint Center for Housing Studies emphasizes the need for a concerted effort among policymakers, nonprofits, and the private sector to address the multifaceted challenges facing the housing market, including the affordability crisis and rising homelessness[4].

    Compared to the previous reporting period, the current conditions in the US housing industry are marked by a slowdown in home sales and a softening in the rental market. However, the economy remains strong, and lower mortgage rates are expected to provide some relief to the housing market. The industry is responding to these challenges by focusing on affordability and supply chain developments, and policymakers are being called upon to address the broader challenges facing the housing market.
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    3 mins
  • US Housing Market Slowdown: Inventory Rise, Affordability Woes Persist

    US Housing Market Slowdown: Inventory Rise, Affordability Woes Persist
    Nov 27 2024
    The current state of the US housing industry is characterized by a slowdown in demand, high prices, and tight inventory levels. According to the S&P CoreLogic Case-Shiller Index, home prices increased by 4.2% in August 2024, marking the 15th consecutive all-time high[2]. However, the growth rate is significantly lower than the 19.28% increase seen in the previous year[1].

    The median sale price for an existing home in the US was $404,500 in September 2024, the highest September median ever recorded by the National Association of Realtors (NAR)[2]. Despite this, existing-home sales in September were down by 3.5% from last year, indicating a softening in the market[2].

    Inventory levels remain low, with a 4.3-month supply of housing inventory as of September 2024, which is still short of the 5 to 6 months needed for a balanced market[2]. However, the overall number of existing homes on the market for sale has increased by 23% from the previous year, reaching 1.39 million units[2].

    New residential construction statistics show a mixed picture. Building permits in April 2024 were at a seasonally adjusted annual rate of 1,440,000, which is 2.0% below the April 2023 rate[3]. Housing starts were at a rate of 1,360,000, which is 0.6% below the April 2023 rate[3]. However, housing completions rose by 14.6% year-over-year to a rate of 1,623,000[3].

    The high cost of housing continues to impact affordability. The Harvard Joint Center for Housing Studies (JCHS) report highlights that home prices have increased by 47% since early 2020, making the median sales price about five times the median household income[4]. Elevated interest rates have also made homeownership increasingly unattainable for many Americans[4].

    In response to these challenges, industry leaders are focusing on increasing supply and promoting affordable housing. For example, the surge in multifamily housing has begun to cool the rental market, with vacancies rising and rent growth slowing[4]. Property owners and managers are also working closely with policymakers and nonprofits to develop sustainable and effective solutions to address the affordability crisis and rising homelessness[4].

    Compared to the previous reporting period, the housing market has seen a slight increase in inventory levels and a slowdown in price growth. However, the market remains tight, and affordability continues to be a significant concern. As the industry navigates these challenges, it is crucial for policymakers, nonprofits, and the private sector to work together to develop sustainable and effective solutions to address the multifaceted challenges facing the housing market.
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    3 mins
  • US Housing Slowdown Amid Low Inventory and Rising Prices Challenges Industry Recovery

    US Housing Slowdown Amid Low Inventory and Rising Prices Challenges Industry Recovery
    Nov 24 2024
    The US housing industry is currently experiencing a slowdown, with recent market movements indicating a decline in demand and a rise in inventory. According to the S&P CoreLogic Case-Shiller Index, home prices increased by 4.2% year-over-year in August 2024, marking the 15th consecutive all-time high[4]. However, this growth is slower compared to the previous year, which saw a 19.28% increase[1].

    The decline in mortgage rates in July gave a slight boost to home sales, with total home sales rising 2.6% over the month to 4.7 million[2]. However, pending home sales declined 5.5% month-over-month in July, indicating a continued slowdown in the market. The homebuilder confidence index fell further to 39 in August, indicating poor building conditions over the next six months[2].

    The median sales price for existing homes increased 1% year-over-year to $404,500 in September 2024, the highest September median recorded by the National Association of Realtors (NAR)[4]. However, existing-home sales in September were down 3.5% from last year, and the volume of home sales has continued to soften over the course of 2024[4].

    The housing inventory remains low, with a 4.3-month supply of existing homes on the market as of September, up 23% from the previous year but still short of the 5-6 months needed for a balanced market[4]. The number of rental units permitted has contributed to an excess in the supply of rental units, with the average apartment vacancy rate at its highest level in over 20 years[3].

    In response to the current challenges, US housing industry leaders are focusing on affordability and inventory. Lawrence Yun, Chief Economist at NAR, notes that more supply is beginning to appear, which could be an early indicator of more home sales later[4]. Selma Hepp, Chief Economist at CoreLogic, emphasizes that lower mortgage rates would help spur home sales activity and drive more sellers to trade their existing homes, adding much-needed inventory to the market[4].

    Compared to the previous reporting period, the US housing industry has seen a slowdown in demand and a rise in inventory. The decline in mortgage rates has given a slight boost to home sales, but the market remains tight, with low inventory levels and high prices. Industry leaders are responding to these challenges by focusing on affordability and inventory, and the market is expected to remain muted in 2024 and 2025[2].
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    3 mins

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