The U.S. Bureau of Labor Statistics (BLS) released its latest Producer Price Index (PPI) for June, showing prices for materials used in door and window manufacturing continuing to fluctuate across the board. Prices varied not only from May to June 2024, but on a year-over-year basis as well.
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Buyer confidence and new-home sales have tempered after a solid start to the year, according to Zonda’s New Home Market Update for June. The presidential election, changes in Fed policy, and low housing affordability have all weighed on consumer confidence in the summer months.
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With the recent dip in mortgage rates, home buyers have gained approximately $22,500 in purchasing power compared to when mortgage rates peaked at 7.5% in April. According to an analysis by Redfin, a buyer with a $3,000 monthly budget can afford a $447,750 home with the current mortgage rate of approximately 6.85%, an improvement from April when the same budget could only afford a $425,500 home.
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Builder confidence in the market for new single-family homes fell to 42 in July, down one point from the previous month. Higher-for-longer mortgage interest rates, as well as elevated rates for construction and development loans, continue to put a damper on builder sentiment.
Read more at NAHB
Reaching the highest level of multifamily completions since 1987, 450,000 multifamily units were completed in 2023, with 216,000 units completed in buildings with fewer than 50 units according to NAHB Analysis of the Census Bureau’s Characteristics of Units in New Multifamily Buildings Completed. This was the highest number of units in such buildings since 2006.
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The Fannie Mae Home Purchase Sentiment Index (HPSI) rebounded in June after dipping to an all-time survey low in the previous month. The index increased 3.2 points to a reading of 72.6; the full index is up 6.6 points year over year.
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The Market Composite Index, a measure of mortgage loan application volume by the Mortgage Bankers Association’s (MBA) weekly survey, increased by 8.2% on a seasonally adjusted (SA) basis from May to June. In comparison to June 2023, the index is up by 1.0%.
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The National Association of Home Builders (NAHB) called on Congress Wednesday to support policies that will allow home builders to construct more homes and apartments to help ease the nation’s housing affordability crisis and provide better, more affordable housing opportunities for all American households.
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A U.S. District Court judge in the Northern District of Texas partially blocked the Federal Trade Commission’s ban on noncompete agreements for most workers and plans to rule on the case’s merits by August 30th. The National Association of Wholesaler-Distributors (NAW) applauded the decision, with Chief Government Relations Officer Brian Wild stating that the noncompete ban “does not serve the interests of businesses, workers or consumers.” NAW filed an amicus brief in May that argued the FTC’s proposal relied on cherry-picked data and overstepped the agency’s authority.
Read more at NAW
Reaching the highest level of multifamily completions since 1987, 450,000 multifamily units were completed in 2023, with 216,000 units completed in buildings with fewer than 50 units according to NAHB Analysis of the Census Bureau’s Characteristics of Units in New Multifamily Buildings Completed. This was the highest number of units in such buildings since 2006.
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.
