Podcast: An Industry Pulse Check
In the latest episode of the Housing Developments podcast, NAHB CEO Jim Tobin and SVP Paul Lopez take a look at home building from multiple perspectives — economic, policy and regulatory — and discuss what the current business environment means for housing in the short- and long term.
Listen to Housing Developments wherever you get your podcasts, or watch the video version of your hosts in-studio at the link below.
Editor’s note: Find more in-depth analyses on housing data on NAHB’s economics blog, Eye on Housing.
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Latest Economic News
The U.S. labor market rebounded in October, with nonfarm payroll employment increasing by 165,000 jobs and the unemployment rate declining to 4.1%. However, the improvement in overall employment contrasts with continued weakness in residential construction, where employment fell by 16,400 jobs, the largest monthly decline since March 2021.
New multifamily housing confidence weakened year-over-year in the third quarter, according to the Multifamily Market Survey (MMS) by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 41, down five points year-over-year, while the Multifamily Occupancy Index (MOI) had a reading of 69, also down five points year-over-year.
Mortgage application activity declined in October as the 30-year fixed mortgage rate rose sharply again. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, fell 14.1% month-over-month in October on a seasonally adjusted basis. Compared to a year ago, total mortgage applications were 39.8% lower.