The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the new residential sales statistics for March 2022.

Pending home sales dropped in March, signifying five straight months that contract activity has declined, according to the National Association of Realtors.

The spike in firm billings in March may reflect a desire to beat the continued interest rate hikes expected in the coming months, according to AIA Chief Economist Kermit Baker, Hon. AIA, PhD. 

In an effort to reduce supply chain issues, improve customer service and control costs, many flooring manufacturers are making investments in LVT in domestic manufacturing, and leaders of the major flooring manufacturers say the trend isn’t going anywhere soon.

Existing-home sales rose in November, denoting three consecutive months of increases, according to the National Association of Realtors. Three of the four major U.S. regions reported growth in monthly sales, while the fourth region held steady in November.

GFA expects that in 2022, the tense situation regarding freight and raw materials will dominate the market to a somewhat lesser extent.

The biannual compensation report provides salary data for more than 40 architecture firm positions in cities across the United States as well as industry salary trends and analysis on where the market is headed.