Over the first five months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 357,143. On a year-over-year (YoY) basis, this is 24.7% below the May 2022 level of 473,997. Year-to-date ending in May, single-family permits declined in all four regions. The Northeast posted the lowest decline of 14.7%, while the West region reported the steepest… Read More ›

Job gains slowed in June, but the labor market remained solid. Total payroll employment rose by 209,000 and the unemployment rate decreased to 3.6%. In June, wages grew at a 4.4% year-over-year growth rate, down 1.1 percentage points from a 5.5% gain in May 2022. Total nonfarm payroll employment increased by 209,000 in June, following a gain of 306,000 in… Read More ›

Average hourly earnings for residential building workers* rose at a slower pace in May, after more than a year of strong gains. Wage growth has retreated below or close to 3%, from the peak rate of 2021. According to the Bureau of Labor Statistics (BLS) report, average hourly earnings (AHE) for residential building workers were $29.87 in May 2023, increasing… Read More ›

This 347-unit luxury, mixed-use hospitality-oriented development was designed to fulfill the spirit of the Warner Center Specific Plan. It fronts Topanga Canyon Boulevard, directly across from Village at Westfield Topanga shopping mall, with approximately 19,924 square feet of restaurants and office spaces. Residents enjoy a full complement of amenities, including resort-style pool, courtyards, rooftop deck, and outdoor movie theater with lawn seating. Other amenities include 2,673 square feet of indoor-outdoor club/lounge areas, game room, gourmet teaching kitchen, and a 7,500-square-foot…

According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) was unchanged in June 2023 (not seasonally adjusted). March 2023 was the last month prices increased. The index has gained 0.5%, year-to-date, and has not increased 1% or greater in any month since March 2022. The Producer Price Index… Read More ›

The NAHB/Westlake Royal Remodeling Market Index (RMI) for the second quarter of 2023 posted a reading of 68, edging down 2 points from the first quarter of 2023. Even though the Fed has maintained a hawkish position when it comes to interest rates as inflation continues to moderate since it is still above their 2 percent target, the demand for… Read More ›

Per the Mortgage Bankers Association’s (MBA) survey through the week ending July 7th, total mortgage activity increased 0.9% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose 22 basis points to 7.07%. The FRM rate has risen 30 basis points over the past month and topped 7% for the first time since November of 2022. The… Read More ›

Consumer prices in June saw a continued deceleration, with the smallest year-over-year gain since March 2021. Over the past twelve months, inflation has been consistently decelerating. Despite a slowdown compared to the previous month, the shelter index (housing inflation) continued to be the largest contributor to both headline and core inflation, accounting for over 70% of the increase in headline… Read More ›

A compact garden is the ultimate rewarding puzzle. Every inch counts, and strategic division can actually make a small space feel bigger. Such is the case for this classic garden in the heart of Greenville. The property, with its venerable Charlestonian brick house, meant that the garden needed to reflect that same highly tailored elegance. But it also needed to be set up for entertaining, protected from the street yet highly sociable on the inside. The original bones of the…

Consumer credit outstanding growth slowed to a 30-month low of 1.8% in May 2023 (SAAR) according to the Federal Reserve’s latest G.19 Consumer Credit report, as revolving and nonrevolving debt grew at 8.2% and -0.4%, respectively. Credit growth for March and April—each of which were initially reported at 5.7%–were revised down to 4.8% and 5.0%, respectively. Total consumer credit outstanding… Read More ›