Over the first two months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 155,236. On a year-over-year (YoY) basis, this is an increase of 38.4% over the February 2023 level of 112,131, according to analysis from the National Association of Home Builders.
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Builder confidence in the market for newly built single-family homes was 51 in April, unchanged from the previous month, according to the NAHB/Wells Fargo Housing Market Index. Last month marked the first time since July 2023 that the index surpassed the breakeven point of 50.
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Housing starts fell 14.7% in March with interest rates somewhat higher than expected last month as the latest inflation readings failed to show improvement. Builders are also still facing higher supply-side costs and tighter lending conditions.
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The 2024 U.S. Houzz & Home Study was released last week, showing renovation spending has jumped in the last three years. New doors, it turns out, were more popular than new windows in 2023, though interior and exterior doors were 14th on a list of the top 28 most frequently purchased home improvement upgrades. Doors drew 25% of home improvement related purchases, while windows pulled the 18th spot at 18% of home improvement related purchases.
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The National Association of Home Builders released its NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter, posting a reading of 66. The survey for the RMI asks remodelers to rate five components of the remodeling market as “good,” “fair” or “poor.” Each question is measured on a scale from 0 to 100; an index number above 50 indicates that a higher share view conditions as good than poor.
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As the housing industry celebrates New Homes Month in April, builders continue to respond to buyer preferences by constructing smaller homes to place homeownership within reach of families planning to buy a home this year. A National Association of Home Builders (NAHB) analysis found that new homes built in 2023 reached their smallest median size in 13 years.
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The U.S. fenestration industry has ended a year of flat growth, and 2024 looks to be a bit more positive overall. However, expectations are mixed depending on the segment, according to the recently released 2024 Door and Window Industry Outlook from Key Media & Research.
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After the great shocks of extreme price volatility from 2020 to 2022, buyers of wood remain quite cautious. Because the previously “normal” historical price trends have not been evident for the past three years, customers are wary of another shock, unsure if lumber prices will fall lower, and are holding off on any large-volume purchases, according to Madison’s Lumber Reporter.
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Single-family starts surged in the latest residential construction report from the U.S. Census Bureau and U.S. Department of Housing and Urban Development. At a seasonally adjusted rate of 1.129 million, February had the highest seasonally adjusted rate of single-family starts since since April of 2022.
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A lack of existing inventory that continues to drive buyers to new home construction, coupled with strong demand and mortgage rates below last fall’s cycle peak, helped push builder sentiment above a key marker in March.
World Millwork Alliance (WMA) 54 TH Annual Convention & Tradeshow will hold its’ premier event at the Memphis Cook Convention Center from September 11-15, 2018. WMA will offer Veterans and Students complimentary access to the exhibit hall during Millwork Career Day on Friday, September 14, 2018 during the show hours of 10:00 a.m. – 3:30 p.m.
WMA welcomes Veterans and Students to explore a career in the millwork industry. Learn from worldwide millwork professionals while viewing the finest millwork products. Meet with industry distributors and manufacturers about the opportunities in a millwork career.
Pre-registration for a name badge is available by completing a WMA Registration Form. Any local Student or Veteran who has pre-registered will pick up their complimentary “Expo – One Day Pass” with a valid student ID or Veteran ID at the WMA registration desk in the Memphis Cook Convention Center.
Veterans must show a Veteran’s Administration (VA) identification card to receive an “Expo-One Day Pass” and to gain entrance into the exhibit hall on Friday, September 14, 2018.
Students must show a valid Student photo I.D. card to receive an “Expo-One Day Pass” and to gain entrance into the exhibit hall on Friday, September 14, 2018.
Pre-registration is open until August 13, 2018; thereafter, registration is onsite at the WMA registration desk in the Memphis Cook Convention Center.
