The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.3% in March. The pace of personal income growth slowed after reaching a 0.8% monthly gain in October. Gains in personal income are largely driven by increases in compensation, personal income receipts on assets, and rental income. Real disposable income, income remaining after… Read More ›

Relatively lower interest rates (compared to fall 2022), slowing growth in home prices, and builder incentives are making an impact on buyers’ affordability expectations.  In the first quarter of 2023, 73% of buyers reported being able to afford less than half the homes for-sale in their markets, down from a record high of 87% in the final quarter of 2022. … Read More ›

Virginia Elegance is an exquisitely detailed transitional home with a traditional style and contemporary feel. The owner’s suite was designed to be comprehensive of the owner’s requirements: to provide privacy, functionality, and the feel and look of luxury and elegance with finishes and materials. The owner’s bedroom features a large sitting area that takes advantage of the beautiful lake views. Incorporated in the bedroom are custom built-ins, automated black-out drapery, ceiling detail and two statement chandeliers. The bedroom’s side door…

Housing’s share of the economy moved lower at the end of the first quarter of 2023. Overall GDP increased at a 1.1% annual rate, following a 2.6% increase in the fourth quarter of 2022 and 3.2% increase in the third quarter of 2022. Despite overall GDP increasing, housing’s share of GDP decreased to 15.8%, below the 2022 fourth quarter share… Read More ›

In the first quarter of 2023, economic growth slowed to an annual rate of 1.1%, amid rising interest rates and an ongoing banking crisis. This quarter’s growth was dragged down by decreases in private inventory investment and residential fixed investment. Private inventory investment subtracted 2.26 percentage points off the headline growth rate for overall GDP, while residential fixed investment took… Read More ›

After souring significantly in the final quarter of 2022, buyers’ expectations of housing availability edged up slightly in the first quarter of 2023, with 26% expecting the home search to get easier in the months ahead, just ahead of the 24% a quarter earlier.  Despite the mild improvement, buyers’ perceptions of housing availability remain well below their level in the… Read More ›

Modern beauty meets farmhouse charm in this urban oasis. With a sharp exterior, open-concept living space and show stopping windows, this is the place to relax away from the bustling city. Stepping into the two-story foyer, the home feels light and airy. High ceilings and corner windows create a spacious, welcoming feel. This three-bedroom, three-and-a-half bath home features an open-concept floorplan to provide a bright, luxurious space for entertaining. The paneled fireplace wall provides a grand focal point and draws…

Despite a housing market slowdown but reflecting persistent long-term labor challenges, wages in construction continue to rise, often outpacing and exceeding typical earnings in other industries.According to the latest Current Employment Statistics (CES) report from the Bureau of Labor Statistics (BLS), average hourly earnings (AHE) in construction vary greatly across 43 states that reported these data. Some of the highest… Read More ›

NAHB analysis of the most recent Quarterly Sales by Price and Financing report published by the U.S. Census Bureau reveals that the share of new home sales backed by FHA loans jumped from 8.4% to 11.7% in the first quarter of 2023. It is the largest share since 2007 but remains 30% lower than the post-Great Recession average. Conventional loans financed… Read More ›

Interest for new home construction was essentially unchanged between the final quarter of 2022 and the first quarter of 2023, as the share of prospective buyers looking to buy a newly built home barely edged from 20% to 21%. Meanwhile, the share interested in existing homes dropped from 39% to 37% during this period, while the share with no particular… Read More ›