Rock Products

AUG 2019

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76 • ROCK products • August 2019 www.rockproducts.com moving closer to our forecast of leveling-off conditions. On a year-to-date basis, multifamily 5+ unit production is down 5.2% thus far in 2019, while multifamily 5+ unit per- mitting is trending higher with an increase of 2.9% relative to the first five months of 2018. Sales of newly built, single-family homes fell 7.8% to a season- ally adjusted annual rate of 626,000 units in May, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. On a year-to-date basis however, new home sales for 2019 are 4% higher than the same period in 2018. "The report shows growth in sales in the $200,000-300,000 price range, which indicates middle-class demand for hous- ing is being supported by low rates and solid employment," said Greg Ugalde, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Torrington, Conn. "The May numbers are a bit surprising given lower mortgage interest rates and solid builder confidence data," said NAHB Chief Economist Robert Dietz. "Based on these conditions, we expect June new home sales figures will show a rebound." A new home sale occurs when a sales contract is signed or a deposit is accepted. The home can be in any stage of con- struction: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the May reading of 626,000 units is the number of homes that would sell if this pace continued for the next 12 months. The inventory of new homes for sale was 333,000 in May, representing a 6.4 months' supply. The median sales price was $308,200. The median price of a new home sale a year earlier was $316,700. Regionally, and on a year to date basis, new home sales are 7.5 percent higher in the South and 3.4 percent higher in the West. Sales are down 13.3 percent in the Northeast and 3.2 percent in the Midwest. Housing Permits Over the first five months of 2019, the total number of sin- gle-family permits issued year-to-date (YTD) nationwide reached 342,116. On a year-over-year (YoY) basis, this is a 5.8% decline over the May 2018 level of 363,327. Year-to-date ending in May, single-family permits reported declines in all four regions. The Midwest, West, South, and the Northeast declined by 10.6%, 11.0%, 2.8%, and 1.9%, respectively, compared to the same time period in 2018. The Southern region had the highest growth in multifamily (12.7%) while the West recorded a decline in multifamily permits growth (-4.6%) during the last 12 months. Between May 2018 YTD and May 2019 YTD, nine states and the District of Columbia saw growth in single-family permits issued while 40 states registered a decline. Minne- sota reported no change. The District of Columbia recorded the highest growth rate during this time at 110.2% from 49 to 103 permits issued while single-family permits in South Dakota declined by 25.0%, from 1,153 in 2018 to 865 in 2019. The 10 states issuing the highest number of sin- gle-family permits combined accounted for 61.5% of the total single-family permits issued. Year-to-date, ending in May 2019, the total number of mul- tifamily permits issued nationwide reached 195,848. This is 4.4% ahead of its level over the year 2018, 187,605. Between May 2018 YTD and May 2019 YTD, 27 states and the District of Columbia recorded growth while 23 states recorded a decline in multifamily permits. District of Colum- bia led the way with a sharp rise (238.0%) in multifamily permits from 847 to 2863, while North Dakota had the largest decline of 77.5% from 413 to 93. The 10 states issuing the highest number of multifamily permits combined accounted for 63.6% of the multifamily permits issued. Aggregates Industry Almanac Economic Update Your Source for Customized Weighing and Metering Equipment Data Collection Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized Your Source for Customized 800-536-4880 tecweigh.com Control Gates Weigh Belts Belt Scales Call for a Quote or Visit Our Website Today Engineered For Accuracy, Built To Endure Trusted To Last! Best Warranty In e Business & 24/7 Customer Service

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