Housing market supply declined in all categories year-over-year in November, including single-family housing authorizations, maintenance and remodeling, according to the BuildFax Housing Health Report.
It’s the first across-the-board decline in new and existing housing supply since 2011.
Single-family housing authorizations fell 0.86 percent compared with November 2017, and maintenance and remodel volumes decreased 5.85 percent and 12.0 percent year-over-year, respectively. All categories also inched downward from October.
“Moreso now than in years prior, the compounding effects of natural disasters, scarcity in the construction labor market and recent tariffs have impacted housing growth,” BuildFax COO Jonathan Kanarek said in a statement. “While it’s natural to see some leveling off after steep growth, the next few months will be telling; whether a downturn is on the horizon or the market is simply softening is yet to be seen.”
Housing activity has more than doubled in the U.S. since 2011, with single-family housing authorizations increasing 105.2 percent over the past seven years, according to BuildFax.
