An expected impact of the virus crisis was a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as
Single-family built-for-rent construction posted year-over-year gains as of the second quarter of 2024, as builders sought to add additional rental housing in a market facing ongoing, elevated mortgage interest rates.
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates gains for custom home building after some recent slowing. Custom home building typically involves home
Year-over-year gains for townhouse construction continued during the second quarter 2024 as demand for medium-density housing continues to be solid despite slowing for other sectors of the building industry. According
High interest rates for construction and development loans as well as ongoing challenges regarding labor shortages and higher prices for many building materials continued to slow the building market this
A lack of affordability and buyer hesitation stemming from elevated interest rates and high home prices contributed to a decline in builder sentiment in August. Builder confidence in the market
The Federal Reserve’s monetary policy committee once again held constant the federal funds rate at a top target of 5.5% at the conclusion of its July meeting. In its statement,
Due to slowing home construction and elevated interest rates, the count of open construction sector jobs shifted lower in June, per the Bureau of Labor Statistics’ Job Openings and Labor Turnover
Elevated interest rates for home mortgages and construction and development loans kept single-family production and demand in check during June. Overall housing starts increased 3.0% in June to a seasonally
Mortgage rates that averaged 6.92% in June per Freddie Mac, along with elevated rates for construction and development loans, continue to put a damper on builder sentiment. Builder confidence in
Due to tightened monetary policy, the count of open construction sector jobs shifted lower in the early Spring but is now stabilizing, per the Bureau of Labor Statistics’ Job Openings
Total (new and existing) home inventory is an important measure for gauging and forecasting home prices and home construction impacts. The intuition is clear: more inventory yields weaker or declining
Mortgage rates that averaged 7.06% in May per Freddie Mac, the highest monthly average since last November, put a damper on new home sales last month. Sales of newly built,
Single-family and multifamily housing starts fell in May as high interest rates for construction and development loans and elevated mortgage rates held back both housing supply and demand. Overall housing
Mortgage rates that continue to hover in the 7% range along with elevated construction financing costs continue to put a damper on builder sentiment. Builder confidence in the market for
The Federal Reserve’s monetary policy committee held constant the federal funds rate at a top target of 5.5% at the conclusion of its June meeting. In its statement, the Federal
Due to tightened monetary policy, the count of open jobs for the economy and construction is declining, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS).
The volume of total outstanding acquisition, development and construction (AD&C) loans posted an additional decline during the first quarter of 2024 as interest rates remain elevated and financial conditions are