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360Value® quarterly cost updates show an improving housing market

360Value® recently released its quarterly cost updates on reconstruction costs, and the news was good for the U.S. housing market. All states experienced a modest annual increase in total reconstruction costs, but the rate of increase continues to slow, indicating that the housing market continues to recover.

360Value-Q2-2016_USA-964x768 for blogOverall reconstruction costs increased only 1.6 percent from April 2015 to April 2016, and only 0.4 percent during the first quarter of 2016. This is the lowest rate of increase since two years ago, when annualized reconstruction costs grew only 1.5 percent.

360Value-Q2-2016_CAN-964x768 for blog

In Canada, all ten Canadian provinces experienced reconstruction cost increases. At the national level, reconstruction costs increased 2.5 percent from April 2015 to April 2016, according to Xactware reconstruction cost research. During the first quarter of 2016, reconstruction costs went up just under 0.7 percent.

The 360Value reports provide current, localized, and detailed cost data on reconstruction labor and building materials—information that’s essential for creating reliable, component-based replacement cost estimates. The reports offer an overview of current reconstruction cost trends at the national and state/province level and give 360Value users an understanding of how the changes may affect replacement cost estimates over the next quarter.

The reports feature detailed graphics that make the information easy to understand and use. You get information on six key types of materials and six top labor categories.

You can view the full reports here. For more information on 360Value, please go to our website or contact your Verisk Insurance Solutions representative.

Scott Amussen

Scott Amussen is vice president of property products for Verisk insurance solutions – Underwriting. He was an assistant vice president with Xactware’s 360Value®. He has a computer science degree from Brigham Young University and an M.B.A. from the University of Utah.

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