Eye on economy
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Transcript of Eye on economy
Eye on EconomyHome Starts Pause and Existing Sales Rise
July 24, 2014
eyeonhousing.org
Existing Home Sales2
• Monthly pace of existing home sales increased 2.6% in June
• Third consecutive monthly gain in sales
• Share of first-time buyers remains below historical averages
• Share of distressed sales are down
• Read more here
Housing Starts3
• Pace of housing construction slowed in June
• Census Bureau & HUD – total housing starts fell 9.3%
• The South experienced most of decline
• Read more here
Construction Jobs4
• Bureau of Labor Statistics reveal an increase in unfilled construction jobs
• Openings increased 38,000 between April and May
• May count: 3rd highest since end of The Great Recession
• Read more here
Housing Market Index5
• Builder sentiment points to more positive conditions
• Housing Market Index rose four points
• First time since January the HMI was above 50 points
• Census report noted that single-family permits were up for the month
• Read more here
Producer Price Index6
• Producer prices increased 1.9% over 12 months
• Monthly building material changes
• Softwood lumber declined 0.8%
• OSB rose 3.9%
• Gypsum rose 3.0%
• Read more here
Consumer Price Index7
• Month-over-month increase of 0.3% (seasonally adjusted)
• Real Rent Index increased 1.2% over the past year
• Read more here
FOMC minutes8
• NAHB expects the FED to raise interest rates in third quarter of 2015
• Asset purchase program winds down
• Central bank is not on a pre-set course
• Monitoring economic variable as it sets future policy
• Read more here
Renewable Energy & Green Certifications
9
• NAHB economists examined recent trends in power production property
• Geothermal installations leading for single-family homes
• Solar panels are a close second
• National Green Building Standard is leading certification system
• Read more about installations here
• Read more about certifications here
Housing Starts: 5,000+ Square Foot Homes
10
• Market share of new home starts larger than 5,000 sq ft is 3%
• Mirrors recent rend of rising median home size
• Likely due to market weakness among entry-level buyers
• Read more here
Affordable Housing Credit11
• LIHTC supports approximately 96,000 jobs
• Due to development and rehabilitation of affordable rental housing
• Read more here