BuildFax Releases Monthly U.S. Housing Health Report, Reveals 10.75 Percent Increase in Housing Maintenance Spend
AUSTIN, Texas--(BUSINESS WIRE)--Sep 18, 2018--BuildFax, a leading provider of property condition and history insights for the largest insurance and financial institutions, today released its Housing Health Report for August, which offers insights into three major economic indicators for the U.S. housing market: single-family housing authorizations, existing housing maintenance and existing housing remodeling.
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BuildFax’s August Housing Health Report unveiled a 0.40 percent increase in single-family housing authorizations from July to August and a slight dip in remodel volume. (Photo: Business Wire)
The data revealed a slight increase in the annual rate of single-family housing authorizations from July to August. The annual rate of remodeling—which includes renovations, alterations and additions to a structure—decreased 1.39 percent during the month of August, but remains at historic highs:New Housing Supply: Single-family housing authorizations increased at a seasonally adjusted rate of 0.40 percent from July to August of 2018Single-family housing authorizations in August 2018 increased at a seasonally adjusted annual rate of 6.53 percent over August 2017 Existing Housing Maintenance: The annual rate of housing maintenance volume increased 1.08 percentIn August 2018, housing maintenance spend increased at a year-over-year rate of 10.75 percent from August 2017 Existing Housing Remodels: The annual rate of remodel volume decreased 1.39 percentIn August 2018, remodel spend decreased at a year-over-year rate of 10.34 percent from August 2017
“These trends suggest that we are still in a healthy housing market, but the rate of growth is slowing,” said BuildFax COO Jonathan Kanarek. “With existing housing maintenance and remodels still at historic highs, consumer confidence in the existing housing stock remains strong. From January to August of 2018, for example, remodel spend alone increased 5 percent compared to the same time period last year. We will continue to monitor these key indicators to determine if we are headed toward a general plateauing of the market.”
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.
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 data 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 Sept. 8, 2018.
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CONTACT: For BuildFax
Emma Chase, 512-551-9253
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE OTHER PROFESSIONAL SERVICES CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
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PUB: 09/18/2018 08:00 AM/DISC: 09/18/2018 08:01 AM