August 2008 Housing Market Monitor Report

Take a look at current reports for housing market drivers, key indicators and housing costs

By Mark Jarasek, Senior Editor, Electronic Media
August 22, 2008
HousingZone

Housing Market Monitor Report

Reed Construction Data Economist Jim Haughey believes that the housing market is at or near the bottom for this cycle with little further decline ahead in starts or job site construction spending. However, Haughey says significant improvement won’t occur until late this year at the earliest. Here's a look at Haughey's latest observations and the most current Housing Market Monitor Charts:

View the Housing Market Monitor Report for July 2008 

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Key Indicators for Residential Construction

All of the drivers of residential construction, except home affordability, remained weak in the last month with some worsening slightly, according to the most recent Reed Construction Data housing market report. The only good news was the $0.40/gal. drop in gasoline prices that served to halt a steep slide in consumer confidence.

View the July 2008 Report on Key Indicators of the U.S. Market Environment

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Construction Materials Report

The worldwide surge in commodity prices drove construction materials prices up 2.0 % in July. This is the change from the second week of June to the second week of July. Since then the commodity price spike has begun to reverse, according to the most recent report from Reed Construction Data. “The current inflation surge is more likely to end when high prices in a weakening world economy cause a drop in demand,” according to Reed Construction Data Economist Jim Haughey.

Here’s a detailed look at the construction costs and expenses