Tag: housing

Labor Shortages Abound, Not So For Realtors Chasing Robust Pricing

October 27, 2021 by Ryan McKeveny

With severe labor shortages throughout the economy, including in the construction sector, one area seeing fairly unfettered expansion is the real estate agent community, encouraged by the housing market’s strength over the last 18 months and low barriers to entry. The National Association of Realtors’ membership, a rough proxy for industry-wide agent count, has reached its highest level ever...

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demographics homeownership household formation housing macro housing real estate services supply

Are Housing Demand and Supply Set on Diverging Courses?

October 21, 2021 by Dennis McGill

One of the critical conclusions expressed in our recent thematic demographic report, Cradle to Grave, was that “the seeds of oversupply are being planted.” In an environment where the widely-accepted belief is that there is a housing shortage, the statement has naturally drawn skepticism.

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apartments build-for-rent demographics homebuilding housing starts macro housing supply

New Data from Census Confirms Weakest Household Growth in Nation’s History Last Decade

August 12, 2021 by Dennis McGill

Earlier today, the Census Bureau released additional information collected during the 2020 Census, following the initial release of national and state population totals in April that we discussed in a previous blog. According to the results, there were 126.8 million households as of April 1^st, 2020, representing an 8.7% increase from 2010, or an additional 10.1 million households. This marked the slowest decade of household formation in the country’s history...

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demographics household formation macro housing

Is the "Pig in the Python" Back?

June 24, 2021 by Ivy Zelman & Rachel Rockey

In 2009, when distressed activity was top of mind, we were vocal in our concern that the buildup of foreclosure moratoriums was portraying a false sense of security at a time when industry participants and investors were hoping for a bottoming out in the market. Our views were justified as...

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affordability existing home sales homeownership housing macro housing mortgage supply

High-Level Decennial Census Results Revealed – What Did We Learn?

April 26, 2021 by Dennis McGill

Today, the Census Bureau released national and state population totals as tabulated by the Decennial Census. The government arm estimates the country’s population via numerous surveys and programs throughout the decade, but the Decennial Census is by far the most rigorous and relied upon. So what did we learn?

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demographics macro housing

Homebuilding Activity Slowed in February but Is Weather to Blame?

April 08, 2021 by Kevin Kaczmarek

February single-family housing starts as reported by the Census Bureau decelerated faster than expected, leaving them at the lowest seasonally-adjusted level since August 2020. As we noted the week prior to the release in our latest Homebuilding Survey, extreme weather conditions, especially in Texas...

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homebuilding housing starts macro housing

Revisiting History as Mortgage Rates Climb Higher

April 01, 2021 by Ivy Zelman & Dennis McGill

No discussion about the health of, and future outlook for, the housing market would be complete without consideration of the mortgage rate environment. During our September 2020 Virtual Housing Summit presentation, we spent considerable time dissecting the various catalysts...

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affordability interest rates macro housing mortgage mortgage rates

Exploding Housing Demand Viewed in Different Context

December 10, 2020 by Dennis McGill

While robust for-sale housing demand of late has commonly been explained with a pandemic tilt, we believe that the vast majority of the strength has been catalyzed by record low mortgage rates. Not only have mortgage rates...

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existing home sales macro housing mortgage rates

Immigration Policy Likely to be a Net Positive for Housing Under Biden

December 07, 2020 by Ivy Zelman, Dennis McGill & Alan Ratner

With President-elect Joe Biden set to occupy the White House on January 20th, there has been a lot of discussion about the potential impact of tax reform, student debt forgiveness and a proposed homebuyer tax credit on the housing market. Ultimately, a lot will depend upon the outcome of...

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demographics homebuilding homeownership household formation macro housing

What a Democratic Sweep Could Mean For Housing?

October 29, 2020 by Ivy Zelman

As we enter the final days prior to the election, I can’t help ponder what the outcome of a Democratic sweep could mean for housing and our country, which appears to be a real potential outcome. To stay away from my political views, I’ll focus on what a sweep would mean specifically for the housing market...

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existing home sales homebuilding household formation macro housing mortgage new home sales