According to the U.S. Census Bureau’s Survey of Construction (SOC), the share of custom-built homes increased to 20.2%, or one fifth of all single-family starts in 2019. The custom home market is made of both contractor-built or owner- built houses, which are built one at a time for owner occupancy on the owner’s land with either the owner or builder acting as the general contractor.
News in end use
Year-Over-Year U.S. Median Home Prices Increased 16% with New Listings Up 9%
According to Redfin (www.redfin.com) the Seattle-based technology powered real estate brokerage firm, the median U.S. home price increased 16% year-over-year (November 2019 – November 2020) to $ 322,828, the highest level currently on record.
Construction Sector Employment Increases at a Slower Pace in November
A closer look at the U.S. Bureau of Labor Statistics (BLS) total nonfarm payroll employment report, which was released on Friday (12/4), with a specific focus on construction reveals that employment in the overall construction sector increased by 27,000 in November, after a revised increase of 72,000 jobs in October.
Canadian Employment Increases in November as Unemployment Declines
Statistics Canada is reporting today (12/4) that employment in Canada increased by 62,000 (+0.3%) in November, following an increase of 84,000 (+0.5%) in October. From May to September employment in Canada grew by an average of 2.7% per month.
More than a Third of All New-Construction Homes Purchased in October Had Yet to Begin Construction
In a recent Zillow Research article, it was being reported that 38.5% of new-construction homes purchased in October 2020 had yet to begin construction. That is 10% higher than October 2019 and the highest level since 2005.
Federal Housing Finance Agency Extends Moratorium on Foreclosures to January 31st, 2021
The Federal Housing Finance Agency (FHFA) has announced that it has extended its moratorium on single-family home foreclosures and real estate-owned evictions until January 31st, 2021 at the earliest.
Nonfarm Payrolls Increases in November as Unemployment Rates Decline
The U.S. Bureau of Labor Statistics (BLS) reported on Friday (12/4) that total nonfarm payroll employment rose in November by 245,000. In November, the unemployment rate edged lower to 6.7%.
The Share of Mortgage Loans in Forbearance Up Again in the Week Ending 22nd November 2020
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports the total number of loans now in forbearance increased from 5.48% of servicers’ portfolio volume in the prior week to 5.54% as of November 22, 2020.
Weekly Jobless Claims Decline in the Week Ending 28th November 2020
The U.S. Department of Labor is reporting that an additional 712,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, November 28th. A decrease of 75,000 from the previous week’s revised level.
Job Cuts Decline for Second Straight Month in November but Remain 45.4% Above a Year Ago
According to the latest released report by Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S. based employers announced 64,797 job cuts in November.