The share of new homes with patios increased to yet another record high in 2023. Of the roughly 950,000 single-family homes started during the year, 63.7% came with patios. This is up from 63.3% in 2022 and marks the eighth consecutive year the percentage set a new record high. The source for these numbers is…
Every year since 2008, the NAHB has conducted a member census in order to better understand the composition and characteristics of the people who belong to its organization. Similar to a previous post about builder members, NAHB conducted a related analysis of its associate members. In 2023, 65% of NAHB’s members were associate members—those involved…
Sales of new homes rose unexpectedly in July, following significant revisions in the previous months data. Sales of newly built, single-family homes in July rose 10.6% to a 739,000 seasonally adjusted annual rate from significant upward revisions in June, according to newly released data from the U.S. Department of Housing and Urban Development and the…
Existing home sales increased for the first time in five months, according to the National Association of Realtors (NAR), as improving inventory and declining mortgage rates motivated some buyers to act. Despite these changes, sales remained sluggish and low inventory continued to push up median home prices. However, we expect increased activity in the coming…
The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the second quarter of 2024, there were just 3,000 2- to 4-unit housing unit construction starts. This is…
The labor market may not be as strong as previously estimated, according to the Bureau of Labor Statistics’ preliminary estimate of the upcoming annual benchmark revision to the establishment survey employment series. Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to full population counts of employment for the month of March….
NAHB’s Cost of Housing Index (CHI) highlights the burden that housing costs represent for middle and low-income families. In the second quarter of 2024, the CHI found that a family earning the nation’s median income of $97,800 must spend 38% of its income to cover the mortgage payment on a median-priced new single-family home. Because…
