The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 66% in the first quarter of 2023, amid persistently tight housing supply. The homeownership rate remained statistically unchanged from the fourth quarter reading (65.9%). It is 0.6 percentage points higher than the rate in the first quarter of 2022. Compared to the peak of 69.2% in 2004,… Read More ›
The owners of this 1,800-acre property in the foothills of the Rocky Mountains were looking for the ultimate western entertainment retreat. The elevated Western feel of the space is created by the juxtaposition of rustic and luxurious materials. Reclaimed barnwood, cowhide and steel are complemented with opulent materials such as white plaster walls, custom chandeliers and brass accents. To break up the spacious entertainment room, a three-sided steel and stone fireplace was positioned in the center of the room to…
This project is a comprehensive remodel and addition for an urban-edge home in Lakewood, Colo. The clients’ project priorities included increasing the home’s functionality for their family of four by adding square footage and modernizing their 1964 ranch home. The main-floor addition features a modern kitchen with a large island, walk-in pantry and beautiful wood beams adorning the ceiling. A second-floor dormer addition—along with the conversion of under-utilized space over their garage—created a luxurious primary suite, including a five-piece bath…
The count of open, unfilled jobs for the overall economy declined again in March, falling to 9.6 million, after an 11.2 million reading in December, which was the highest level since July. The count of open jobs was 12 million a year ago in March 2022. The count of total job openings should continue to fall in 2023 as the… Read More ›
Private residential construction spending inched down 0.2% in March, as spending on single-family construction decreased 0.8%. Spending on private residential construction declined for the tenth month in a row amid elevated mortgage interest rates. Consequently, this spending is 10% lower compared to a year ago. The monthly decline is largely attributed to lower spending on single-family construction, which has been… Read More ›
Improvements in affordability expectations have led to an increase in the share of prospective buyers who have moved beyond just the planning phase of their home search: 56% report being actively engaged in the purchase process in the first quarter of 2023, up from 46% a quarter earlier. The share of prospective buyers actively searching for a home rose in… Read More ›