Market Update | August 27, 2025
Now down for the second time in the last three months, July new home sales came in at a 652,000 unit rate, down 0.6% from June and down 8.2% from the 710,000 unit rate last July.
Market Update | August 20, 2025
On the back of stronger apartment complex starts, new housing starts came in at a 1.428 million unit rate, up 5.2% from June and up 12.9% from the 1.265 million unit rate last July. The jump in July starts comes on the back of upwardly revised readings in both May and June.
Market Update | August 13, 2025
Prices paid by consumers increased again in July, climbing 0.15% on an adjusted basis from June. Despite the increase, this was the smallest month-over-month growth since December. It’s the third consecutive month in which prices increased on a year-over-year basis, however, climbing 2.7% compared to last July. Excluding the volatile food and energy sectors, prices increased 0.19% from June and were up 3.06% from last July. The CORE-CPI saw prices increase the most for the shelter index, medical care, vehicle insurance, and household furniture. Prices for apparel, appliances, and nonprescription drugs, were down compared to last July.
Market Update | August 06, 2025
After sliding the previous three months, July light vehicle sales came in at a 16.87 million unit rate, up 7.6% from June and up 6.0% from the 15.83 million unit rate last July.
Market Update | July 16, 2025
HVAC equipment shipments totaled 1.947 million units, up 3.6% from April but were down 0.9% from 1.965 million units in June 2024. This was the first year-over-year decline in shipments since February. Looking on a year-over-year basis, to help smooth seasonality, shipments of both water heaters and furnaces increased, climbing 2.0% and 5.6%, respectively. A/C & heat pump shipments slipped however, sliding 5.4% from last May. Year-to-date shipments are now up 0.9% compared to the first five months of last year.
Market Update | July 9, 2025
The June Dodge Momentum Index came in at 225.1, up nearly 7% from May and up over 12% from last June. Within the overall index, both the commercial and institutional planning segments increased, climbing to 7.3% and 5.7%, respectively. Continued strength from planning for warehouse, recreational, and data center projects helped to push the index higher. Planning for other sectors like education, hotels, and retail stores continued to lag. Even if you exclude data center projects over the past two years, commercial planning would be up over 10% from year-ago levels. The DMI tends to lead construction spending for nonresidential buildings by a year.
Market Update | July 2, 2025
Economic activity in the manufacturing sector contracted in June, albeit at its slowest rate since February. The June Manufacturing PMI came in at 49.0, up from 48.5 in both May and June of last year. Despite the improvement, the index has remained in contraction for four consecutive months. The decent (4.9) jump in the production index, which pushed it into expansion at 50.3, was not enough to overcome the slides seen in new orders (-1.2), employment (-1.8), and backlog of orders (-2.8). Inventories continued to contract in June but at a much slower rate and are now just a tab below neutral.
Market Update | June 25, 2025
May light vehicle assemblies came in at a 10.92 million unit rate, up 7.5% from April. This marks the highest monthly rate since March 2024. The recent easing of auto tariffs between the U.S. and Canada, combined with the continued 25% tariff on other foreign auto imports, helped push domestic auto assemblies higher. Additionally, the recent drawdown in dealer inventories continues to help spur assemblies domestically.
Market Update | May 28, 2025
After sliding for five consecutive months, the confidence of U.S. consumers rebounded in May. The May Consumer Confidence Index came in 98.0, up 12.3 points from April. The Present Situation Index increased nearly 5.0 points to 135.9. The Expectations Index, based on a short-term outlook, increased a sharp 17.4 points to 72.8. Despite the jump, the current level remains below the key threshold of 80, which typically signals a recession ahead. The boost in May came as the framework for potential widespread trade deals became clearer.
Market Update | May 7, 2025
New home sales increased for the second consecutive month in March and was at its highest monthly rate since September. March new home sales came in at a 724,000 unit rate, up 7.4% from February and up 6.0% from the 683,000 unit rate in March 2024. Sales have now increased, on a year-over-year basis, in back-to-back months, and in four of the last five months. The inventory of unsold new homes held steady, ending the month flat from the end of February at 493,000 units. The month-end inventory, when combined with March's sales rate, equates to 7.1 months of supply.
