Knoema.com - Housing http://jp.knoema.com 2023-04-25T10:09:08Z /favicon.png Knoemaは、あなたのパーソナルナレッジハイウェイです US Housing Market //jp.knoema.com/vixzkff/us-housing-market 2023-04-25T10:09:08Z Vladimir Eskin jp.knoema.com://jp.knoema.com/user/1000580
US Housing Market

Vladimir Eskin jp.knoema.com://jp.knoema.com/user/1000580
Alternative Data Points to Falling Housing Costs in US //jp.knoema.com/hdibshd/alternative-data-points-to-falling-housing-costs-in-us 2022-12-02T07:34:33Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Alternative Data Points to Falling Housing Costs in US

(December 2022) Housing costs have been a big driver of inflation in US. In October 2022 the shelter component of CPI had it's largest MoM increase since 1990, contributing 0.25 percentage points to MOM total CPI growth. Meanwhile the Apartment List national rent index had it's sharpest MoM decline in its history (starting in 2017), indicating that the growth in shelter component of CPI index will decelerate in the near-term future.According to the latest report from the Apartment List home rents across the US dropped in November by the most in at least five years. Rents nationally fall by 1% month-over-month. Prices still up 4.6% year-over-year.The national median rent increased by a record-setting 17.6 percent over the course of 2021. This rapid growth in rent prices is a key contributor to overall inflation, which is currently rising at its fastest pace in four decadesOver the course of the year as a whole, rent growth is continuing to outpace pre-pandemic years, but by an increasingly small margin. From January through November of this year, rents are up by a total of 4.7 percent, which is much closer to the growth rates we saw in 2018 and 2019 than it is to the astronomical 18 percent growth that we saw at this point last year. The cooldown in rent growth is being mirrored by continued easing on the supply side of the market. The Apartment List vacancy index now stands at 5.7 percent, after more than a year of gradual increases from a low of 4.1 percent last fall.The recent slowdown has been geographically widespread. Rents decreased this month in 93 of the nation’s 100 largest cities in October. Among large metros nationwide, Seattle saw the sharpest decline in November, with prices down by 2.6 percent month-over-month. Las Vegas, Phoenix, Jacksonville, and Riverside have all seen rent growth of 30 percent or more since March 2020, but none of these metros has seen rents increase by more than 1 percent over the past twelve months.

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
High Mortgage Rates Pose Threat to U.S. Housing Market //jp.knoema.com/vvbihld/high-mortgage-rates-pose-threat-to-u-s-housing-market 2022-10-28T12:23:53Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
High Mortgage Rates Pose Threat to U.S. Housing Market

(28 October 2022) Following policy rate hikes by Federal Reserve, mortgage rates have quickly risen this year more than doubling in just 10 months. The increase in mortgage rates can potentially have an essential negative impact on such important sector of economy as housing. Housing market, when estimated as combination of construction, repair and maintenance in construction, utilities, housing sales and furniture manufacturing, accounts for more than 15% of U.S. GDP. However the impact on economy can be even larger. Building new houses requires homebuilders, architects, construction workers, inspectors and suppliers for building materials, realtors and financial services, furniture, lawn equipment.

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
United States: Home Sales Skyrocketed as COVID Swept the Nation //jp.knoema.com/efzbvzc/united-states-home-sales-skyrocketed-as-covid-swept-the-nation 2022-05-09T20:29:33Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
United States: Home Sales Skyrocketed as COVID Swept the Nation

(11 November 2020) Not all sectors of the US economy have been hit hard by the COVID induced economic crisis. The US residential real estate market is one of the rays of hope amidst the gloom. Low interest rates and trillions of dollars of US government stimulus have decreased Americans' debt burden and made homes more affordable, sending sales of single-family homes up by 28 percent in August compared to January.In mid March 2020, the US Federal Reserve lowered the federal funds rate to nearly zero to support the economy as COVID-19 took hold nationwide. Immediately following, the 30-year mortgage rate—which had already been in general decline since late 2018—turned downward and as of earlier this month reached a record low 2.78 percent.Lower interest rates have also helped to reduce the debt burden for US households. In Q2 2020, the ratio of mortgage debt service payments to disposable personal income dropped to a record low 3.7 percent. Looking ahead, rumors of housing price bubbles and shocks reminiscent of the global financial crisis weigh heavy on an already pandemic stricken economy even though housing prices have not yet migrated northward. As buyers have enjoyed lower and lower mortgage rates since 2018, home prices have remained relatively unchanged. One signal to watch, however, is market supply. In August 2020, the ratio of 'houses for sale' to 'houses sold' decreased to a record low level since 1963 with only a 3.4 month supply. This indicates that demand for new homes is outpacing market supply.

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Housing Affordability Around the World //jp.knoema.com/hyjmcxd/housing-affordability-around-the-world 2022-04-06T17:23:01Z Alina Buzanakova jp.knoema.com://jp.knoema.com/user/1293450
Housing Affordability Around the World

Housing affordability and its impact on middle-income households worldwide is emerging as a major concern throughout the developed world. According to the London-based consultancy Knight Frank, housing prices in the world's largest cities rose by 3 percent on average during the last year. The strongest growth was observed in Turkey where average housing prices increased by 18 percent in the last year. In contrast, across the Black Sea in the Ukraine, property prices declined by 12 percent last year. The US house price index published by the Federal Reserve Bank of St. Louis shows a similar increase in property prices, disrupted only by the global recession in 2008-09.  Aside from property prices, household incomes and lending rates in a country also affect the affordability of housing. As a result, a variety of indicators investigating the affordability of property have emerged:Global House Price Index, published by Knight Frank, allows investors and developers to monitor and compare the performance of mainstream residential markets worldwide.House Price Index, published by Eurostat, measures inflation in the residential property market for multiple types of residential property. Today's dashboard features the Property Price Index, collected by Numbeo, a user-generated compilation of data about cities and countries worldwide.

Alina Buzanakova jp.knoema.com://jp.knoema.com/user/1293450
Heading to Big Apple? Compare Rents Across Neighbourhoods //jp.knoema.com/fbsagdc/heading-to-big-apple-compare-rents-across-neighbourhoods 2022-04-06T17:17:10Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Heading to Big Apple? Compare Rents Across Neighbourhoods

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Rising Lifestyle Expectations Undermine Climate Change Goals //jp.knoema.com/hcddxxf/rising-lifestyle-expectations-undermine-climate-change-goals 2022-02-08T08:37:20Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Rising Lifestyle Expectations Undermine Climate Change Goals

(04 February 2022) The exponential growth of per capita income over the last century has significantly improved living standards around the world. One of the consequences of rising living standards has been an increase in per capita living space. While most developed countries are close to the saturation point in terms of demand for larger homes, in many emerging economies there is a significant potential for further increase in per capita floor area. According to an article by Katherine Ellsworth-Krebs of Lancaster University, the increase in per capita living space coupled with the global trend of declining household size has the potential to undermine efforts to reach climate change targets.Smaller household sizes and larger per capita living space increase energy and resource consumption, waste, and biodiversity losses, since more energy and building materials are required to build, heat, and supply larger homes with fewer occupants. According to data from OECD, greenhouse gas (GHG) emissions from Residential and Other Sectors* in OECD-member countries in 2019 amounted to 1.6 gigatonnes of CO2 equivalent, or nearly 11% of total GHG emissions.OECD data shows that GHG emissions from the residential sector in the U.S. is a little over twice the rate in India. However, the population of India is four times the population of the U.S., while per capita floor area in the U.S is about seven times higher than in India. The gap in living space per person between developed countries and the rest of the world underlines the potential for further increase in global GHG emissions from the housing sector, which can hardly be tackled by managing household expectations of how much space is "enough." *OECD data on GHG emissions for Residential and Other Sectors includes emissions from fuel combustion in households, commercial and institutional buildings, and agriculture, forestry, and fishing

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
OECD: How Soaring Home Prices Contribute to Inflation //jp.knoema.com/rtjcypd/oecd-how-soaring-home-prices-contribute-to-inflation 2021-10-19T07:51:24Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
OECD: How Soaring Home Prices Contribute to Inflation

(13 October 2021) Low interest rates, economic stimulus and high uncertainty over the course of the pandemic boosted consumer demand for new homes as well as home prices around the world. To estimate a potential contribution of soaring home prices to overall inflation, we analyzed home price and housing rent data for 33 economies for which data was available in the Organization for Economic Cooperation and Development (OECD).OECD housing data for 2010-2021 shows that a one percent increase in home prices can add on average up to 0.5 percentage points to housing rent growth.Given the average housing rent contribution to consumer price index, 0.12 percentage points (observed in OECD countries in 2019), and the OECD average housing rent growth of 2.6% in 2020, we estimate that a one percent increase in home prices on average adds around 0.02 percentage points to the general consumer price index, due to the increase in prices for rental housing.According to OECD data, home prices in OECD countries have increased by 11.2% during the pandemic (Q4 2019 to Q1 2021), which could account for 0.26 percentage points (or 11%) of the 2.2% CPI growth in OECD economies during the same period.

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
United States: Millions of Workers Cannot Afford Housing //jp.knoema.com/mrkgimd/united-states-millions-of-workers-cannot-afford-housing 2020-07-15T17:27:20Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
United States: Millions of Workers Cannot Afford Housing

The economic downturn spurred by the COVID-19 pandemic further increases the risk of housing instability for millions of low-wage renters in the United States. This new reality exacerbates the already alarming trend in the United States of housing costs outpacing what many workers could afford.According to the Out of Reach 2020 report from the National Low Income Housing Coalition, the average renter in the United States does not earn enough to afford a modest rental home. Nationally, the average renter’s hourly wage is $18.22, which is $5.74 below the national two-bedroom housing wage and $1.34 below the national one-bedroom housing wage. The average minimum wage worker must work nearly 97 hours per week (more than two full-time jobs) to afford a two-bedroom rental home. People who work 97 hours per week and need 8 hours per day of sleep have fewer than 2.5 hours per day for everything else—commuting, cooking, cleaning, recreation, caring for children and other family members, and serving their community.

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
The High Burden of US Housing Costs //jp.knoema.com/mpwltrf/the-high-burden-of-us-housing-costs 2019-05-15T23:03:16Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
The High Burden of US Housing Costs

Housing represents a growing source of budgetary pressure for Americans, and the data suggests American's desire for space is at least partially to blame. In 2017, housing represented 33 percent of total US household expenditures, with rent and mortgage—as compared to other household expenses like furnishings and utilities—making up about 60 percent of the household budget, according to the US Bureau of Labor Statistics. Renters have been particularly hard hit, with more than 40 percent spending 35 percent or more of their income on housing. While only about 20 percent of mortgage holders spend that much of their income on housing, mortgages still represent the largest component of US household debt.  Reducing financial stress comes down to housing and rental prices for many Americans and with it, for some, reevaluating the need for space. Research from TD Ameritrade found that people who save 20 percent or more of their income, so called "super savers", tend to spend less on housing (only 14%) than the rest of the population. That makes them feel freer and more financially secure.New homes today are bigger than they were in 1970s even as the average household size has decreased, resulting in more living space per person. Most American households now live in houses with four to seven rooms*.    * The US Census Bureau definition of 'rooms' includes: living rooms, dining rooms, kitchens, bedrooms, finished recreation rooms, enclosed porches suitable for year-round use, and lodgers' rooms.

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
New Home Sales drop 6.9%, Indicating Sluggish U.S. Housing Market at the start of 2019 //jp.knoema.com/izwevic/new-home-sales-drop-6-9-indicating-sluggish-u-s-housing-market-at-the-start-of-2019 2019-03-15T16:35:23Z Nematullah Khan jp.knoema.com://jp.knoema.com/user/1975840
New Home Sales drop 6.9%, Indicating Sluggish U.S. Housing Market at the start of 2019

Sales of new homes in the U.S. fell short of expectation as it dropped 6.9% MoM and 4.1% YoY in Jan 2019. New homes sold at a seasonally adjusted annual rate of 607,000 units down from 652,000 units in Dec 2018. The sales in the south part of the country which accounts bulk of the transaction,  tumbled 15.1%, northeast and midwest experienced drop 11.4% and 28.6% respectively, whereas the west reported a gain of 27.8%. The median sales price of new home also fell 3.76% YoY, indicating the sluggish real estate market. Most analysts believe that the housing market in the US is likely to remain so through the first half of 2019 as the inventory will take around 6.6 months to clear. However, recent decline in mortgage rate and strong job market are expected to support the housing demand in coming months.

Nematullah Khan jp.knoema.com://jp.knoema.com/user/1975840
U.S. New Residential Sales Bounce Back in December, 2018 //jp.knoema.com/piugjec/u-s-new-residential-sales-bounce-back-in-december-2018 2019-03-14T15:48:00Z Nematullah Khan jp.knoema.com://jp.knoema.com/user/1975840
U.S. New Residential Sales Bounce Back in December, 2018

Sales of new homes in the US increased 3.67% MoM in Dec 2018, a highest monthly growth since May 2018. The rise in sales shows positive effect of lower mortgage rate. New home sales tend to be volatile on monthly basis. However, note that sales fell 2.36% YoY. The median price of a new home was $318,600, a 5% increase on MoM basis and a 7.3% drop on YoY basis. Amid moderation in house prices, land and labour shortage, investment in home building contraction, market expects that housing market will remain weak for a while.

Nematullah Khan jp.knoema.com://jp.knoema.com/user/1975840
US State Profile //jp.knoema.com/fucgieg/us-state-profile 2015-10-26T11:52:04Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
US State Profile

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560