Existing home sales slipped in December, ending 2023 at the lowest level since 1995, according to the National Association of Realtors (NAR). In 2023, the decline was largely attributed to worsening housing affordability and persistently low supply, exacerbated by higher interest rates. Low inventory, along with strong demand, drove the median home price to a record high of $389,800 in… Read More ›

Donald Evans, Class of 2013* Donald Evans built an impressive reputation with The Evans Group, a Florida-based architecture and planning firm. Evans founded the firm in 1975. A 1969 graduate of the University of Miami with a degree in architecture, Evans’ strong vision coupled with a focus on Floridian architecture allowed him to develop a booming enterprise, not only in a state where there was once few architects, but in 20 states across the country. The Evans Group covers all…

Despite record high inflation rates, rising interest rates, and worsening housing affordability, young adults continued the post-pandemic trend of moving out of parental homes in 2022. The share of young adults ages 25-34 living with parents or parents-in-law declined and now stands at 19.1%, according to NAHB’s analysis of the 2022 American Community Survey (ACS) Public Use Microdata Sample (PUMS)…. Read More ›

In a sign that lower mortgage rates continue to boost the housing market, single-family production surpassed the million mark for the second straight month in December. According to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau  overall housing starts fell 4.3% in December. The seasonally adjusted annual rate was 1.46 million units following… Read More ›

The NAHB/Westlake Royal Remodeling Market Index (RMI), a measure of sentiment among professional remodelers, for the fourth quarter posted a reading of 67, increasing two points compared to the previous quarter. Remodelers’ sentiment was quite positive at the end of 2023, when seasonally adjusted for the slowdown that invariably occurs during that part of the year. High costs remain an… Read More ›

Mortgage rates well under 7% over the past month have led to a sharp increase in builder confidence to begin the new year. Builder confidence in the market for newly built single-family homes climbed seven points to 44 in January, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This second consecutive monthly increase in… Read More ›

Over the first eleven months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 843,654. On a year-over-year (YoY) basis, this is 8.5% below the November 2022 level of 921,626. Year-to-date ending in November, single-family permits declined in all four regions. The range of permit decline spanned 6.8% in the South to 12.6% in the West…. Read More ›

The neo-traditional exterior of this 5,776 square foot upscale production home in Laguna Hills, California conjures up the nostalgia of small town charm.  With its quaint gables, covered porches, and use of traditional materials – brick and horizontal wood slats – the front elevation recalls a carefree past when we would take the time to listen to the rain, sit on a porch swing sipping lemonade and generally enjoying life’s simple pleasures at home. The interior courtyard is by far…

According to the latest Producer Price Index report, growth in the average price level of inputs to residential construction less energy (i.e., building materials) fell from 15.0% in 2022 to 1.3% in 2023 (not seasonally adjusted). On a monthly basis, building materials prices rose 0.1% in December after increasing 0.1% in November (revised). Monthly price increases averaged 0.2% in 2023, down… Read More ›

Consumer prices rose again in December, driven by higher energy prices and sticky housing costs. Despite the increase, overall inflation has moderated by nearly half, declining from 6.5% in 2022 to 3.4% by the end of 2023. However, even after peaking in March 2023, shelter costs continue to put upward pressure on inflation, accounting for over two-thirds of the total… Read More ›