According to the U.S. Census Bureau, the average lot size of a speculatively built, new single-family detached homes dropped to 8,177 square feet, or 0.188 of acre in 2019. This is 390 square feet less than in 2018, and sets a new record low.
News in end use
Housing Inventory at Lowest Level in 10-Years as Demand Continues to Increase
Zillow reported for-sale listings dropped -34.6% below year-ago levels in early June and remain low relative to last year. This is the greatest year-over-year deficit seen since Zillow started tracking weekly statistics in 2009.
Mortgages in Active Forbearance Increase After Six Straight Weeks of Declines
The number of mortgages in active pandemic-related bailout plans rose by 21,000 in the past week after declining for six straight weeks.
Monthly Furniture Insight Survey Reveals Increased Demand for Residential Furniture as Economy Continues to Recover
A recent survey by Smith Leonard shows improving demand for residential furniture.
Personal Income Declines 2.7% in August
The Bureau of Economic Analysis (BEA) is reporting that personal income decreased in August to a seasonally adjusted annual rate (SAAR) of $19,493 billion. That is a drop of -2.7% in August due mainly to the expiration of the expanded unemployment insurance benefit, which provides a weekly supplement pay of $600 through the end of July.
Total Nonfarm Employment Up and Unemployment Down in September
According to the Bureau of Labor Statistics (BLS) Total nonfarm payroll employment rose by 661,000 in September, and the unemployment rate declined by -0.5% to 7.9%. Which represents 12.6 million Americans without employment.
FEA’s Weekly Order Survey Participants’ Views Vary Greatly from Region to Region
FEA’s Weekly Order Survey respondents’ views on their market’s activity not only varied from region to region but also appeared to reflect on whether the builder was building custom homes or tract housing.
Mortgage Rates Move Slightly Lower in Week Ending 1st October 2020
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 24th September 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.88% with an average 0.8 point, down from last week when it averaged 2.90%.
Employers Continued to Cut Jobs in Q3 2020
According to the monthly report released today (10/1) from Challenger, Gray and Christmas Inc., a global outplacement and business and executive coaching firm, job cuts announced by U.S. based employers jumped to 118,804 in September, up 2.6% from August’s total of 115,762.
Weekly Jobless Claims Decline in the Week Ending 26th September 2020
The U.S. Department of Labor is reporting that an additional 837,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday September 26th. An decrease of 36,000 from the previous week’s revised level.