AUSTIN, Texas--(BUSINESS WIRE)--BuildFax, a leading provider of property condition and history insights for the largest insurance and financial institutions, released a report today on three major economic indicators for the U.S. housing market: single-family housing authorizations, existing housing maintenance and existing housing remodeling.
The data revealed an increase in the annual rate of single-family housing authorizations. The annual rate of remodel spend, however—which includes renovations, alterations and additions to a structure—is still increasing substantially:
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New Housing Supply:
- Single-family housing authorizations increased at a seasonally adjusted rate of 0.62 percent from June to July of 2018.
- Single-family housing authorizations in July 2018 increased at a seasonally adjusted annual rate of 4.77 percent.
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Existing Housing Maintenance:
- The annual rate of housing maintenance volume increased 5.23 percent.
- Housing maintenance spend increased at an annual rate of 8.04 percent.
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Existing Housing Remodels:
- The annual rate of remodel volume remained flat with a 0.26 percent decrease.
- Remodel spend increased at an annual rate of 8.96 percent.
“We are not seeing a large bounce-back from the decline in June housing authorizations,” said BuildFax COO Jonathan Kanarek. “However, we have to remember that all three categories—new housing, remodels and maintenance—are at historically high levels. Remodeling alone is up 30 percent in the last five years. The slight dip in remodeling volume may be an early indicator of a leveling off of the very hot housing construction market we’ve seen in the last few years.”
For access to the full report, click here. To learn more about BuildFax, visit www.buildfax.com.
Methodology
BuildFax conducted this study by examining properties in the U.S. between the years 2013 and 2018. The statistics in this report are calculated using sampled dated from across the U.S. All data is seasonally adjusted and imputed to reflect numbers representative of the entire country. Due to historical revisions made by permitting authorities, the data is subject to change. Estimates are as of Aug. 8, 2018.
About BuildFax
BuildFax, headquartered in Austin, Texas, is trusted by the largest insurance and financial institutions in the world to deliver business-critical property condition and history data. With the only database of its kind encompassing more than 23 billion data points on commercial and residential structures, BuildFax delivers detailed data on remodeling, solar installations, new construction, roof age, major systems, maintenance history and more. To learn more about BuildFax, visit www.buildfax.com.