Single-Fam Construction Tanking While Multi-Fam Stays Strong; Record Number "Under Construction"

There were modest pullbacks in both the seasonally adjusted annual numbers of permits and housing starts in June. But it was only because of strong gains in the multifamily sector that construction figures, provided by the U.S. Census Bureau and Department of Housing and Urban Development, stayed even close to on track. Permits for residential construction ticked down 0.6 percent from their May level to an annual rate of 1.685 million units as permits for single-family houses fell 8.0 percent to 967,000 units. Multi-family permits grew by 13.1 percent. On a year-over-year basis, total permits were up 1.4 percent while those for single-family residences were down 11.4 percent. Multifamily construction authorizations jumped 27.8 percent on an annual basis. Analysts polled by Econoday were expecting a steeper reduction. The consensus estimate was an annual rate of 1.666 million permits. On a non-adjusted basis there were 155,800 permits issued in June, up from 149,000 in May. Single family permits dropped to 91,100 from 95,400. Year-to-date figures reflected those for the month Permits now total 895,600, up 2.2 percent from the first half of 2021 and multi-family permits are 17.1 percent higher. However, those for single-family homes, at 565,100, are down 4.4 percent from the first six months of 2021. Regional results were uneven. The annual rate of permitting increased 18.0 percent in the Northeast and 5.8 percent in the West while falling 15.7 percent and 2.1 percent in the Midwest and South, respectively. Single family permits were down in all four regions. The Northeast and West also posted annual increases (11.0 and 10.0 percent) while the other two regions were lower on that basis as well, 7.6 in the Midwest and 1.4 percent in the South.

July 19, 2022 Download our Mobile App: Download our Mobile App: Housing News Single-Fam Construction Tanking While Multi-Fam Stays Strong; Record Number "Under Construction" There were modest pullbacks in both the seasonally adjusted annual numbers of permits and housing starts in June. But it was only because of strong gains in the multifamily sector that construction figures, provided by the U.S. Census Bureau and Depa... (read more) Mortgage Rate Watch Mortgage Rates Fairly Flat So Far This Week Mortgage rates are based primarily on the price of mortgage-backed securities (MBS), which are essentially bonds consisting of numerous similar mortgages. MBS have experienced their fair share of volatility over the past two days, but all of it... (read more) Rob Chrisman Non-Agency, Jumbo, LOS, Marketing Tools; Appraisal News on ACE/PDR: a Faster Way to Close From Salt Lake City, Rich B. sends, “My mind is like an internet browser: 17 tabs are open, 4 of them are frozen, and I don’t know where the music is coming from.” Vendors and lenders have a lot of “tabs” open regarding mortgage & vendor pricing,... (read more) Mortgage Rates Mortgage Rates Fairly Flat So Far This Week 30 Yr. Fixed Rate 5.72% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 5.72% -0.01 0.00 15 Yr. Fixed 4.97% -0.01 0.00 30 Yr. FHA 5.25% 0.00 0.00 30 Yr. Jumbo 4.83% +0.01 0.00 5/1 ARM 5.44% +0.03 0.00 30 Yr. VA 5.30% 0.00 0.00 Updates Daily - Last Update: 7/19 15 Yr. Fixed Rate 4.97% -0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 5.30% -0.40 0.80 15 Yr. Fixed 4.45% -0.38 0.80 5/1 Yr. ARM 4.19% -0.31 0.40 Updates Weekly - Last Update: 7/7 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 5.74% -0.10 0.65 15 Yr. Fixed 4.96% -0.10 0.68 30 Yr. Jumbo 5.28% -0.14 0.44 Updates Weekly - Last Update: 7/6 MBS / Treasuries UMBS 30YR 4.5 100.03 -0.08 Price / Yield Change MBS UMBS 4.5 100.03 -0.08 UMBS 5.0 101.33 -0.16 GNMA 4.5 100.70 -0.06 GNMA 5.0 102.28 +0.11 Pricing as of: 7/19 5:21PM EST 10 Year US Treasury 3.0265 +0.0373 Price / Yield Change US Treasury 2 YR Treasury 3.244 +0.073 5 YR Treasury 3.159 +0.055 7 YR Treasury 3.134 +0.045 10 YR Treasury 3.027 +0.037 30 YR Treasury 3.181 +0.017 Pricing as of: 7/19 5:21PM EST Latest Video It's going to be a bumpy landing for the housing market, says Redfin CEO Housing market continues cooldown as new home construction drops The 2pm Bond Report - July 19, 2022 The 9am Bond Report - July 19, 2022 Around the Web CNBC Americans are changing jobs less frequently and it's hurting wage growth in the U.S. Eye on Housing Single-Family Starts Fall to Two-Year Low on Higher Construction Costs and Interest Rates Realtor.com Im the Chief Economist at Realtor.com. These Are the 4 Things You Need To Know About the Housing Market Now CNBC A double whammy': Consumers are feeling the pain of rising interest rates and ballooning credit card debt, economist says Calculated Risk Blog 3rd Look at Local Housing Markets in June, Sales Down Sharply, Inventory "Surged" Calculated Risk Blog Housing Inventory July 18th Update: Up 30% Year-over-year CNBC Homebuilder sentiment plunges in July as buyers pull back Reuters Oil prices rise on tight supply worries, soft dollar supports Reuters ECB policymakers to discuss 50 bp rate hike this week, sources say CNBC Treasury yields nudge higher, 2-year/10-year curve remains inverted Calculated Risk Blog Early Read on Existing Home Sales in June Calculated Risk Blog Five High Frequency Indicators for the Economy CNBC Treasury yields rise as curve remains inverted, with investors watching the Fed

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