Adobe Stock/Jeff Metzger

Existing housing activity increased during January 2020, according to the most recent Housing Health Report from BuildFax. The January 2020 edition of the report finds that existing maintenance volume and spend increased 5.67% and 8.61% year over year (YOY), respectively. Additionally, BuildFax found remodel volume and spend—a subset of maintenance including renovations, additions, and alterations—increased 2.02% and 3.53% YOY, respectively.

"Housing activity has started on strong footing this year, which should be welcome news for the broader economy," Jonathan Kanarek, managing director at BuildFax, said in a prepared statement. "The housing market, which accounts for a substantial portion of U.S. GDP, has the potential to drive increased growth, providing a balance to any concerns of a sluggish market heading into 2020."

The BuildFax report also provides new construction and housing maintenance analysis of the 10 most populous metro areas: Chicago, Atlanta, Boston, New York City, Philadelphia, Washington, D.C., Miami, Houston, Dallas, and Los Angeles. The report found almost all major metros experienced a decrease in new construction activity while all but Houston and Miami experienced positive growth in maintenance activity. BuildFax said the growth in maintenance activity nationwide is a good sign for the broader economy.

The BuildFax Housing Health Report is conducted by examining properties in the U.S. between the years 2013 and 2020, with data seasonally adjusted to imputed to reflect numbers representative of the entire country.