The latest data from the U.S. Census Bureau’s Survey of Market Absorption (SOMA) reveals that the absorption rate of unfurnished and unsubsidized apartments (the share rented out in the first three months following completion) fell to 45% in Q1 of 2020, down from 53% in Q1 2019.
News in end use
Existing Home Sales in August Hit Highest Level Since December 2006
The National Association of Realtors® (NAR) has reported that total existing-home sales in August, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.47% above July, to a seasonally-adjusted annual rate of 6.00 million in August.
New Home Prices in Canada See their Largest Monthly Increase in 3-years
Statistics Canada reported on Monday (9/21) that its New House Price Index (NHPI), which tracks the price of newly built homes, rose by 0.5% in August. The fourth straight month of increases and the largest increase in NHPI since May of 2017.
U.S. Household’s Market Values Increase in Q2 2020, Despite COVID-19 Pandemic
According to the second quarter of 2020 Federal Reserve Flow of Funds Report, the COVID-19 pandemic did not impact household’s market values. On the contrary, household market values continued to rise throughout all of Q2 of 2020.
Construction Time to Build a New Single-Family Home Increases in Latest U.S. Census Bureau Survey
The U.S. Census Bureau’s 2019 Survey of Construction (SOC) is reporting that the average time from start to completion of a single-family house was around 8.1 months.
U.S. Forest Service Announces the Re-Opening of Nine of the Eighteen Closed California National Forests in Varying Degrees
The U.S. Forest Service (USFS) announced on Saturday that they were opening 9 of the 18 California National Forests, after having shut them all down to “unprecedented’ fire dangers earlier in the month.
U.S. Retail Sales and Consumer Spending Slowed in August
According to a recent report from the U.S. Commerce Department, U.S. consumer spending slowed in August.
Mortgage Loans in Forbearance Decreases for 14th Week in a Row
The Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 15 basis points from 7.16% of servicers’ portfolio volume in the prior week to 7.01% as of September 6, 2020.
Renters Continue to Struggle to Pay Their Rent on Time
According to Apartment List’s Rent Payment Survey (RPS) data, in spite of a slight improvement in numbers, for this month, 29% of Americans failed to pay their rent or mortgages in full during the first week of September and 8% had not yet completed their August payments by the end of the month.
This Week’s FEA Weekly Order Survey Participants Report Overall Steady Sales
Dealers who respond to the FEA Weekly Order Survey have local, regional and in many instances national footprints. Overall, our survey participants continue to report that their sales to builders, contractors and remodelers remain steady.