BuildFax report reveals third consecutive month of housing activity declines
Nevada, Oregon and Florida experience highest declines in maintenance activity, a trend that correlates to dips in consumer confidence.
The BuildFax Housing Health Report found single-family housing authorizations, maintenance and remodel volumes saw year over year decreases in January 2019. While single-family housing authorizations saw a slight uptick month over month, the year-over-year declines suggest consumer confidence is waning amid economic and global tensions. This is the third consecutive month primary indicators of new and existing housing activity have declined.
The report, which leverages U.S. property condition and history data to deliver macro- and microeconomic trends, also revealed maintenance activity declines in states like Florida. The state’s recent declines follow heightened construction activity in 2018 following Hurricane Irma.
Housing Supply by Volume
- Single-family housing authorizations decreased by 3.48 percent year over year.
- Existing housing maintenance volume decreased by 6.47 percent year over year.
- Existing housing remodel volume decreased by 10.85 percent year over year.
“Declining construction activity during the last few months of 2018 has persisted into the new year,” said BuildFax COO Jonathan Kanarek. “January marks the third month of declines in new and existing housing supply. Given current economic conditions, including the recent government shutdown, sensitivity to interest rate increases and global market stressors, like ongoing trade negotiations, we were not surprised to see persistent declines in housing activity. It is yet to be seen if an easing of these external factors will alleviate the housing slowdown.”
The report also explores the effects of demolition activity on the U.S., highlighting states that have experienced the most demolition activity in recent years, including California, Florida and Michigan. While demolitions typically signify reinvestment in a region, they may also lead to abandoned projects if a housing slump is on the horizon.
For a look at more trends affecting the U.S. housing market, access the full report here. To learn more about BuildFax, visit www.buildfax.com.
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