Economies of Scale in Single-family Home Construction
The cost per square foot of a single-family home declines systematically as the home becomes larger, according to NAHB analysis of two recent data sources. In microeconomics, unit costs that…
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Single-Family Build Time Continues to Trend Upward for 2023
The average completion time of a single-family house in 2023 was approximately 10.1 months, breaking down to 1.5 months for authorization to start construction and another 8.6 months to finish…
Share of New Homes with Patios Continues to Climb
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…
Homes Built in Age-Restricted Communities
Of the roughly 950,000 single-family and 470,000 multifamily homes that started construction in 2023, 49,000 (30,000 single-family and 19,000 multifamily) were built in age-restricted communities, according to NAHB tabulation of…
Small Decrease in Mortgage Activity for July
The Market Composite Index, a measure of mortgage loan application volume by the Mortgage Bankers Association’s (MBA) weekly survey, saw a slight month-over-month decline of 0.8% on a seasonally adjusted…
Home Sizes: Demand versus Supply
The share of new single-family homes built in the 1,600-3,000 square-foot range closely matches the share of buyers who want homes of that size, according to recent surveys from NAHB…
Labor Market Continues to Soften in July
In July, job growth decelerated significantly, and the unemployment rate increased to a nearly three-year high of 4.3%. The July data indicates that the labor market is slowing, which signals…