Zillow estimates that the total value of the US housing market is now slightly less than $52 trillion, $1.1 trillion higher than the previous peak in June.
News in end use
Mortgage Applications Retreat in Week Ending September 22nd
Mortgage loan application volume decreased 1.3% on a seasonally adjusted basis, according to the Mortgage Bankers Association.
US Single-Family Lot Sizes Continued to Shrink and Cost More in 2022, but Trailed Inflation Rates
The National Association of Home Builders’ analysis of Census Bureau data reveals that lot values for single-family detached spec homes continued to increase in 2022.
US New Residential Single-Family Home Sales Decline Month-Over-Month in August
New residential single-family home sales for August were at a SAAR of 675,000, according to estimates. This is 8.7% below the revised July rate.
FHFA House Price Index Increased Month-Over-Month and Year-Over-Year in July
The Federal Housing Finance Agency US House Price Index rose 0.8% month-over-month in July, seasonally adjusted. Year-over-year, prices rose 4.6%.
S&P CoreLogic Case-Shiller US Home Price Index Rises 0.6% Month-Over-Month in July
The S&P CoreLogic Case-Shiller US National Home Price NSA Index for July reported an annual gain of 1.0%, after posting no change in June.
The Conference Board US Consumer Confidence Index Retreats for Second Consecutive Month in September
The Conference Board Consumer Confidence Index® declined to a reading of 103.0 (1985=100) in September, down from a revised August reading of 108.7.
Freddie Mac Multifamily Apartment Investment Market Index Climbs Higher for Second Consecutive Quarter
The Freddie Mac Multifamily Apartment Investment Market Index® for Q2 rose by 5.1%, marking the second straight quarter of the AIMI increasing nationwide and in all 25 markets.
Market Share of Single-Family Homes Built Offsite Lags Industry Expectations
The total share of non-site built single-family homes (modular and panelized) was 2% of all single-family homes in 2022, according to the Census Bureau and NAHB.
State-Level Analysis of Construction Sector Employment for August
31 states reported month-over-month employment gains in August, while 14 states lost construction sector jobs. Montana, Oklahoma, and Utah each reported no change.