The Federal Housing Finance Agency and the U.S. Department of the Treasury on Jan. 3 announced amendments to the Preferred Stock Purchase Agreements that govern the conservatorships of Fannie Mae and Freddie Mac.
Home price growth continued to slow in October, growing at a rate of 3.60% year-over-year, according to the S&P CoreLogic Case-Shiller Home Price Index (seasonally adjusted – SA). This marks a decline from the 3.90% growth rate recorded in September and represents the seventh consecutive drop in the annual growth rate since reaching a peak of 6.54% in March 2024. As shown in the graph below, the index level has experienced monthly declines since July. By Metro Area In addition to tracking national home price changes, the S&P CoreLogic Index (SA) also reports home price indexes across 20 metro areas. Compared to last year, all 20 metro areas reported a home price increase. There were 11 metro areas that grew more than the national rate of 3.60%. The highest annual rate was New York at 7.31%, followed by Chicago at 6.27% and Las Vegas at 5.93%. The smallest home price growth over the year was seen by Tampa at 0.41%, followed by Denver at 0.47%, and Dallas at 0.91%. By Census Division A similar index, the Federal Housing Finance Agency Home Price Index (SA) publishes not only national data but also data by census division. The national year-over-year rate was 4.43% for October. Meanwhile, the division with the highest year-over-year rate was 6.95% in the Middle Atlantic, while the lowest was 2.30% in the Pacific. A three-month trend in rates is shown for each division below. The FHFA Home Price Index releases their metro and state data on a quarterly basis, which NAHB analyzed in a previous post. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.
As the No. 1 event for the residential construction industry, the International Builders’ Show (IBS) offers industry professionals an opportunity to see the latest products, learn from top experts and build connections throughout the show. Register now for the 2025 IBS before prices go up.
NAHB and 15 state attorneys general have filed a complaint in the Eastern District of Texas seeking to stop the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA) from adopting the 2021 International Energy Conservation Code (IECC) and ASHRAE 90.1-2019 as the minimum energy-efficiency standards for certain single-family and multifamily housing programs.
Private residential construction spending edged up by 0.1% in November 2024, according to the latest U.S. Census Construction Spending data. Year-over-year, the November report showed a 3.1% increase. The monthly increase in total private construction spending was primarily driven by higher spending on single-family construction and residential improvements. Single-family construction spending inched up by 0.3% for the month. This marks a continuation of growth after a five-month decline from April to August, aligning with steady builder confidence seen in the Housing Market Index. However, single-family construction remained 0.7% lower than a year ago. Improvement spending rose by 0.4% in November and was 13.4% higher compared to the same period last year. In contrast, multifamily construction spending declined by 1.3% in November, following a 0.3% increase in October. Compared to a year ago, multifamily construction spending was still 9.5% lower. The NAHB construction spending index is shown in the graph below. The index illustrates how spending on single-family construction has slowed since early 2024 under the pressure of elevated interest rates. Multifamily construction spending growth has also slowed down after the peak in July 2023. Meanwhile, improvement spending has increased its pace since late 2023. Spending on private nonresidential construction was up 1.7% over a year ago. The annual private nonresidential spending increase was mainly due to higher spending for the class of manufacturing ($23.4 billion), followed by the power category ($6.1 billion). Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.
With a decrease in new home construction, the aging housing stock signals a growing remodeling market. Rising home prices also mean more home owners are inclined to focus on home improvement, and as this market trend continues into the new year, remodelers should prepare for 2025. Check out these education sessions at the 2025 International Builders' Show to help.
NAHB’s advocacy team posted key wins for our members in 2024, including making housing a top priority at all levels of government and making progress on key regulatory, codes, workforce development, supply chain, permitting, impact fees and tax issues.