Home / Daily Dose / Housing Activity Heats Up as Weather Cools
Print This Post Print This Post

Housing Activity Heats Up as Weather Cools

According to research by BuildFax, the housing market is heating up, just as temperatures are starting to cool. With Autumn’s approach, BuildFax points to America’s overall housing activity humming along, growing at a steady pace as we say goodbye to summer for good. In fact, BuildFax’s numbers show that the housing market witnessed a steady uptick in year-over-year growth in nearly every housing indicator during this past month of September 2020.

The report went into further specifics, giving details about specific indicators. The first highlighted was single-family housing authorizations in the United States, which rose yet again during September (an increase of 6.09% year over year), making it the second month in a row that has seen a rise. This increase in activity reveals an optimistic outlook, specifically that there is a strong demand on the market, and also that homebuilders are remaining (or returning to being) confident in the market as it stands currently.

As for new construction, that experienced a growth spurt as well, as did American construction employment—both of which were much needed boons for the nation. However, even though this elevation of construction employment numbers was welcome, the fact remains that overall, construction employment numbers are still hovering far below where they were in the months leading up to the pandemic. That being said, there is definitely room (and need) for growth in this particular niche.

The report also covered what is happening in existing housing activity, revealing that it experienced an increase across all indicators as well, except for maintenance spend. In contrast, September saw maintenance spend decrease a bit during the month. Experts, however, are hopeful that activity in this niche may steadily rise moving forward, the reasoning given that newly purchased homes will very likely be undergoing renovations, and also existing homeowners will be preparing their properties for an upcoming sale.

While the arrival of the pandemic delayed homebuying season this year, America is seeing a steady, forward motion of growth—a growth that experts predict will continue into the fall. Reasons for this optimistic autumn outlook include sustained low interest rates and an improving economic outlook.

About Author: Andy Beth Miller

Andy Beth Miller is an experienced freelance editor and writer. Her main focus is travel writing, and when she is not typing away from her computer at her home in the Hawaiian Islands, she is regularly roaming the world as a digital nomad, and loving every minute of it. She has been published in myriad online and print magazines, is a fan of all things outdoors, and finds life (and all of its business, technological, and cultural facets) fascinating in their constant evolution. She is excited to spectate as the world changes, and have a job that allows her to bring a detailed account of those constant shifts to her readers at home and abroad.

Check Also

Federal Reserve Holds Rates Steady Moving Into the New Year

The Federal Reserve’s Federal Open Market Committee again chose that no action is better than changing rates as the economy begins to stabilize.