Real gross domestic product (GDP) increased in 39 states and the District of Columbia in the first quarter of 2024 compared to the last quarter of 2023 according to the U.S. Bureau of Economic Analysis (BEA). Ten states reported an economic contraction during this time, while Maryland reported no change. The percent change in real…
According to Freddie Mac, the average 30-year fixed-rate mortgage decreased by 14 basis points (bps) from 7.06% in the previous month to 6.92% in June 2024. This decline comes after increases from 6.64% in January to a peak above 7.2% in May. Nonetheless, the current rate is still higher from one year ago by 21…
The budget deficit in 2024 is expected to total $1.9 trillion, according to the Congressional Budget Office’s most recent June estimates. This marks a $408 billion increase from the $1.5 trillion estimate published in February. This increase is the result of increased spending of $363 billion and decreased revenues of $45 billion for the year….
Nestled near a lush neighborhood park, this two-story plan captures the charm of the idyllic surroundings with a farmhouse aesthetic and a modern touch. The timeless architectural design is set within tree-lined streets and white picket fences with rich custom details, including recessed windows, wood trim, board-and-batten siding, and a brick porch. Strong proportions are reminiscent of a classic farmhouse design and give a charming first impression within the community. A dominant front gable roof draws attention to the entry…
INDIANAPOLIS (June 27, 2024) – The U.S. Census Bureau’s most recent data on building permits issued in Indiana show a slowdown in the housing sector for the first time this year. According to the data, 1,661 single-family permits were pulled in May 2024 – a 20% decrease compared to the 2,073 permits pulled in April 2024. The May 2024 figure also depicts a 1% decline from the 1,677 permits issued in May 2023. Despite these recent declines, there has been a…
Total (new and existing) home inventory is an important measure for gauging and forecasting home prices and home construction impacts. The intuition is clear: more inventory yields weaker or declining home price growth and home building activity. Lean inventory levels lead to price growth and gains for home building. The metric “months’ supply” is a…
New single-family starts have trended higher since 2012, reaching a post-pandemic peak of 1,133,145 units in 2021. During 2022 and 2023, elevated housing prices and persistently high mortgage rates have dampened housing market activity. According to NAHB analysis of the 2023 Survey of Construction (SOC), new single-family starts decreased in 2023 for the second consecutive…
Consumer confidence weakened in June but remained within the range of the past two years, with optimism about current labor market conditions offsetting concerns about future economic outlook. However, higher interest rates and lingering inflation continue to discourage consumption. The Consumer Confidence Index, reported by the Conference Board, fell from 101.3 to 100.4 in June….
This detail is part of a small entry for a luxury condominium. The ceiling detail consists of a suspended plaster groin vault. The edges of the vault are completely floating, concealing the utility connections, accent lighting, HVAC and so on. This is a fully handdrawn plaster finish over a custom fabricated metal form. The intent was to provide a counterpoint to the intricate floor detail below. This small space has all surfaces carefully crafted to create a special jewel box…
Mortgage rates that averaged 7.06% in May per Freddie Mac, the highest monthly average since last November, put a damper on new home sales last month. Sales of newly built, single-family homes in May fell 11.3% to a 619,000 seasonally adjusted annual rate from a sharp upwardly revised reading in April, according to newly released…